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Export Duty On Steel, Iron Ore Cut; Tax On Some Raw Material Imports Hiked
The government has cut the export duty on steel products and iron ore with effect from Saturday in order to provide a fillip to the domestic steel industry and boost exports. Read on for details:
New Delhi: The government has cut the export duty on steel products and iron ore with effect from Saturday in order to provide a fillip to the domestic steel industry and boost exports.
Besides, import duty on anthracite, coking coal and ferronickel -- used as raw material in the steel industry -- has been hiked, as per a finance ministry notification issued late on Friday.
The export duty concessions and import tax have been restored after a gap of six months. In May, the tariffs were tweaked in the wake of a sharp and steady rise in prices of steel and in order to augment the availability both of finished steel as well as raw materials required for steel manufacture.
With effect from Saturday, exports of specified pig iron and steel products as well as iron ore pellets will attract 'nil' export duty. Also, export duty on outward shipment of iron ore lumps and fines with less than 58 per cent iron content will be 'nil'. (PTI)