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Export duty hike likely on all iron ore products
12 May 2010: The Union Government, in its bid to curb iron ore exports, is set to increase the tax on iron ore exports.
The tax is likely to be fixed at a uniform rate of 20 per cent across all iron ore products. The proposed levy of a uniform 20 per cent export tax comes after the government in December 2009 imposed a 5 per cent duty on iron ore fines export and doubled the export tax on iron ore lumps to 10 per cent.
Currently, the export tax structure is 5 per cent on iron ore fines and 10 per cent on high-grade iron ore lumps.
The move comes as a relief to the domestic steel industry which has been reeling under increasing prices of iron ore.
Source: Business Standard