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In a bid to provide a fillip to the domestic steel industry and boost exports, the government has restored the status quo, which was prevailing prior to May 22, 2022.
The government has withdrawn the 15% export duty on steel products (which was earlier levied during May 2022). Steel products now attract nil export duty compared to 15% earlier.
The removal of export duty is a significant relief and a long term positive for the domestic steel sector.
The government has also withdrawn the export duty on iron ore lumps and fines below 58% Fe content and iron ore pellets. Export of iron ore lumps and fines above 58% Fe content will now attract a lower duty of 30% (reduced from 50% earlier).
The import duty concessions on anthracite/pulverised coal injection coal, coking coal, coke and semi coke and ferronickel have also been withdrawn. All these changes in duty came into effect from November 19, 2022.
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