Government withdraws export duty on steel

Tags: Economy/Finance National News

Government has withdrawn export duty on steel with effect from 19 November, 2022.

Important facts

• According to the notification of the Ministry of Finance, the export duty on iron ore and various steel products has been reduced to zero, which means that now there will be no duty on the export of steel products.

• The Central Government has restored the status quo ante before May 22, 2022.

• Apart from this, export duty on low iron ore lumps and fines (having iron content less than 58 per cent) has also been made zero.

• The following rules will be effective from November 19, 2022 -

• Zero export duty on export of iron ore lumps and fines (58 percent iron content).

• Export of iron ore lumps and fines (58 percent iron content) will attract 30 per cent lower export duty.

• Export duty on export of iron ore pellets will be zero.

• Export duty on export of pig iron and steel products classified under HS 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227 shall be zero.

• Anthracite/PCI and coking coal and ferronickel will attract an import duty of 2.5 per cent.

• Coke and semi coke will attract 5 percent import duty.

What is Export Duty?

• Export duty is a type of indirect tax levied on goods imported into India as well as goods exported from India.

• Export means taking goods out of India to other countries.