NEW DELHI: The government has reduced export tax levied on iron ore pellets to zero from 5%. The move that will make the commodity more competitive amid subdued demand and weakening prices
The government has reduced export tax levied on iron ore pellets to zero from 5%. The move that will make the commodity more competitive amid subdued demand and weakening prices.
In 2014, the government had levied a 5% export duty on iron ore pellets, which are value-added products of leftover material or low-grade iron ore and are used in steel-making. A notification in this regard was issued by the Central Board of Excise and Customs (CBEC) on Monday.
Welcoming the decision, Steel and Mines Minister Narendra Singh Tomar tweeted, “The government removes 5% export duty on iron ore pellets. This would improve capacity utilisation of pellet plants and give a necessary boost to the sector.”