Government Withdraws Export Duty on Steel

The Centre has reestablished the norm as was winning preceding May 22 and removed the export duty on iron ores lumps and fines under 58 Fe content, iron metal pellets and the predefined steel items, including pig iron.

The import duty concessions on Anthracite/PCI coal, coking coal, coke and semi coke and ferronickel have likewise been removed.

Authorities said that the ongoing estimates will give a fillip to the homegrown steel industry and lift exports.

With impact from Saturday, exports of iron mineral lumps and fines with under 58% Fe will draw in nothing export duty and with more than 58% Fe will draw in lower export duty of 30%.

Additionally, exports of iron metal pellets will draw in nothing export duty and exports of pig iron and steel items grouped under HS 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227 will draw in nothing export duty.

In May, directly following a sharp and consistent ascent in costs of steel and to expand the accessibility of both completed steel as well as unrefined components or intermediates expected for steel produce, the public authority went to a few tax lengths recently.