October 12, 2008

Government reviewing export duty on products – Mr Pandey

Sources close to union finance ministry told CNBC-TV18 that steel export duties are part of the Parliament approved Finance bill and had to be notified. The sources also revealed that exemption notification is needed to withdraw duties.

Mr RS Pandey union steel secretary told CNBC-TV18 that the final decision on export duty would be announced soon. He said that the government was seriously reviewing export duty on steel products at around 5%, 10% or 15%.

According to Mr Pandey, other demands apart from export duty are also under consideration. He said that "The revenue department told us that it was a technical necessity after having got the President’s assent on the bill, which was passed by Parliament. It had to be notified. Major producers had met the Prime Minister recently and had submitted a list of demands. One such demand includes a review of the decision to impose export taxes on steel products. That is under serious examination and a view would emerge very quickly."

He said that "We have earlier clarified that when the price cut was announced, there was no condition along with the price cut. There was a list of demands and one such demand is about export taxes. So, that is under serious examination."