Comments
Exporting iron ore pellets will become costlier, as the Finance Ministry has raised the Customs duty. At the same time, excise duty (levied at the factory gate) on pan masala and tobacco products, including gutka , chewing tobacco and filter khaini , has also been revised upwards.
Iron ore pellets are made from iron ore fines and used in making steel. Iron ore fines and lumps attract an export duty of 30 per cent. “Iron ore pellets are, however, exempt from export duty. In 2012-13, exports of iron ore pellets were negligible.
“However, in April-November 2013, exports of iron ore pellets have risen sharply, causing an apprehension about shortage of iron ore in the country,” said a Finance Ministry statement.
The Government has also increased the duty on pan masala and tobacco products packed in pouches. These products attract excise duty on the basis of the production capacity, which is determined by the speed of the machines used to pack pouches.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.