India Government levies 8% export tax on iron ore fines - Report
PTI reported that India government is understood to have imposed an 8% ad valorem duty on the export of iron ore fines, a move that is expected to give some respite to the industry that is reeling under pressure due to lower demand and fall in prices.
The report cited some sources as saying that "The finance ministry has changed the duty structure on the iron ore fines. It has imposed an 8% ad valorem export duty on iron ore fines in stead of the previous INR 200 a tonnes."
Last week, the India government had announced a fixed levy of INR 200 per tonnes on export of iron ore fines, while retaining the 15% tax on iron ore lumps. The policy makers had levied a 15% tax on iron ore exports to increase its domestic availability and ease rising input cost on the steel manufacturers.
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