India imposes 15% export tax on iron ore
Indian government has carried out certain changes in the rates of export duty on Friday. Notification Nos 77 to 80/2008-Cus and Nos 39 and 40/2008-CE all dated June 13th 2008 have been issued to implement these changes. They shall come into force with immediate effect.
A government release said that "In order to further strengthen a policy regime that enables conservation of good quality ore and ensures its availability to domestic industry at a reasonable price, the effective rate of duty on iron ore has been enhanced to a uniform rate of 15% ad valorem, irrespective of iron content."
Export duty on iron ore was so far being levied at specific rates. Lumps and fines having iron content exceeding 62% were charged to duty of INR 300 per tonne, while the duty leviable on fines with iron content up to 62% was INR 50 per tonne.
« Back
|