In order to control the prices of many commodities in india, it is customary to levy additional taxes on exports to adjust supply and demand levels, similarly, when there is excess demand abroad, tax concessions are given to bring more indian exports to foreign markets. Due to the tax, the export volume has been affected to a large extent due to price competition. In response to this, the central government has completely withdrawn the export duty on steel products and iron ore. It is noteworthy that the export tax has been imposed in May 2022. In a notification issued by the Union Finance Ministry on Friday, the export tax on iron ore lumps and fines less than 58 percent iron has been completely removed and zero export tax has been imposed. Similarly, it has announced that the tax rate for iron ore lumps and fines containing more than '58 percent Fe' will be 30 percent.
Similarly, zero export duty has been levied on the export of iron ore pellets. Besides this, zero duty has been imposed on the export of Big iron and Steel, which is obtained after processing iron and steel ores in smelters. Further, the import duty on anthracite/PCI & coking coal and ferronickel will be 2.5 percent and 5 percent on coke and semi-coke, the Union Finance Ministry said.
India's steel exports fell 66 percent in october, the steepest decline in the current fiscal year. India's steel exports have fallen to 360,000 tonnes due to lower global demand and higher prices compared to competitors, as the Union Finance Ministry cut tariffs and eased prices on indian goods to record higher exports.
Steel exports in october 2022 fell 66 percent to just 360,000 tonnes in october 2022, compared to 1.05 million tonnes in october 2021, according to Steel Ministry data. Compared to the september 2022 export measurement, october has decreased by 44 percent. Somewhat unexpectedly, india turned from being a steel exporting country to a steel importing country in october, as india has become a steel importing country due to the fact that imports were more than the country's steel exports during this period. This is the second such incident in the current financial year..jpg)
In the first seven months of the current fiscal year, exports of alloy and stainless steel rose 145 percent to 1.64 million tonnes from 0.7 million tonnes last year. All steel and stock exporters will benefit from the duty cuts announced today. With recession fears rising day by day in the world, india has been hit by the first blow of the global recession. India's exports have taken a big hit, with the country's exports falling by around 16.65 percent in october compared to last year.
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