New Duty Expected to be 20 per cent
In a move designed to curb iron ore exports, India’s Government looks set to increase the tax on iron ore exports. The tax is likely to be fixed at a uniform rate of 20 per cent across all iron ore products, said a Steel Ministry official. Current rates are 5 per cent on iron ore fines and 10 per cent on high-grade iron ore lumps.
India’s Steel Secretary, Mr Atul Chaturvedi, said. “The tax structure on iron ore exports was discussed between different ministries today. We understand that the export tax on iron ore lumps may go up. A decision on increasing the tax is likely to come as early as this Friday.”
Officials from the Ministries of Finance, Mines and Commerce met on Thursday to discuss the issue of increasing the export tax.
The Standing Committee on Coal and Steel also urged the Ministry of Steel to take up with the Ministry of Finance the issue of curbing iron ore exports and expressed its concern that iron ore reserves may last only till 2021-22.
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