October 11, 2008

Indian steel ministry clarifies stand on proposed export tax on steel

Indian steel ministry, in response to media reports that Indian government is considering a partial rollback on the proposals announced recently regarding export duty on certain steel products, has clarified that there is no proposal from Ministry of Steel regarding roll back of the duties announced by the Ministry of Finance.

The release added that “Some of the steel producers engaged in the manufacturing of value added steel products have represented that export duty on cold rolled, galvanized and coated sheets as well as pipes and tubes, the input material of which is procured through import of hot rolled coils under the Advance Licensing Scheme, should be exempted from the purview of the proposed export duty. This matter has been taken up with Department of Revenue for consideration.”