Govt may notify export duty rollback on some steel pdts next week

[K.Karthik Raja]

Govt may notify export duty rollback on some steel pdts next week
Saturday, May 31

NEW DELHI - India may notify rollback of export duty on some steel
products next week, a senior government official said today.
The rollback is likely to include flat as well as high-value steel
products . The government is also "seriously considering" imposing
15% ad valorem
duty on export of iron ore as a measure to mop-up revenues in lieu of
fiscal
concessions announced to curb inflation, the official said.
In Jamshedpur at a Tata Steel event, Steel Secretary R.S. Pandey
said
today the imposition of export duty on steel products was only a
"temporary
measure".
Newspaper reports had today said the government was firming up
plan to
roll back the 15% export duty on flat steel products.
In a bid to up local supplies and ease inflationary pressure, on
May 12,
government notified 15% export duty on products like pig iron, ferrous
waste
of iron and steel, iron ingots, semi-finished iron or non-alloy steel
products.
An export cess of 10% on flat rolled products of iron or non-alloy
steel,
bars and rods, hot-rolled coils of iron and non-alloy steel was also
imposed.
Flat-rolled products of iron or non-alloy steel, plated or coated
with
zinc will attract an export duty of 5%, the notification had said.
End
.