Top officials said that a fresh proposal to replace a fixed nominal cess on ore export with a tax of 6-8 per cent of the value of export (ad valorem tax) might be on the government’s agenda.
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At present, the fixed duty on ore export stands at a low of Rs 50 a tonne in the case of low-grade iron ore and Rs 300 for a tonne of high grade ore.
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India produces 155 million tonnes (mt) of iron ore annually, of which 89 mt are exported, including about 75 mt to China. But steel makers, unhappy with the government for forcing them to cut prices, say both fines and lumps are exported and they could use fines for making pig iron, if it is available at reasonable rates.
Iron ore spot prices have gone up to $200 a tonne from $140 a tonne in January.
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The Congress-led government has already slapped a 15 per cent export tax on steel, cut import taxes on mild and semi-finished steel to zero and removed a 14 per cent countervailing duty on construction steel.
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