Iron Ore to attract 30 percent Export Duty
SL. No. 21 and 22 of the table to Notification No. 27/2011–Cus dated 01.03.2011, provides for a concessional rate of 20 percent export duty for Iron ore and Concentrates, other than iron ore pellets. Now these entries are deleted from the notification, which means that the export duty will be as per the Tariff, which is 30 percent.
Iron ore export swindles were in news in 2011, with a former Karnataka Minister going to jail (and is still there) and an IAS officer on bail about to go back. With this hike in export duty, iron ore export may not be competitive in the international market and hopefully Indian steel plants will be assured of more iron ore.
Notification No. , Dated: December 30, 2011