Center lifts excise duty on some steel items after export collapse

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Center scraps export tax on low-grade iron ore, some steel intermediates

NEW DELHI:

The Treasury Department said in a notice that the government had scrapped the 15 percent export tax it had previously imposed on several steel intermediates after exports fell last month.

At a time when steel and iron ore exports fell significantly in October 2022, the decision has been made to reduce customs duties on stainless steel products, the notice issued late Friday said, which will take effect on Saturday.

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Export taxes were also reduced on low-quality iron ore and fines containing less than 58 percent iron, reversing an earlier May order that had raised excise duty to a high 50 percent to control inflation.

In addition to roasted iron pyrite, the center also reduced export taxes on iron ore and concentrates from 50 percent to 30 percent.

The notification said:

The following items/products related to stainless steel will now pay zero percent customs duty from 19.09e November 2022:

— Stainless steel flat-rolled products, with a width of 600 mm or more

— other stainless steel bars; angles, shapes and profiles made of stainless steel

— bars and rods, hot-rolled, in irregularly wound coils, of other alloy steel

The government determined that those changes were necessary in the interest of the general public.

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