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In a bid to offer a fillip to the home metal trade and enhance exports, the federal government has restored the established order, which was prevailing previous to Might 22, 2022.
The federal government has withdrawn the 15% export responsibility on metal merchandise (which was earlier levied throughout Might 2022). Metal merchandise now entice nil export responsibility in comparison with 15% earlier.
The removing of export responsibility is a major aid and a long run optimistic for the home metal sector.
The federal government has additionally withdrawn the export responsibility on iron ore lumps and fines under 58% Fe content material and iron ore pellets. Export of iron ore lumps and fines above 58% Fe content material will now entice a decrease responsibility of 30% (diminished from 50% earlier).
The import responsibility concessions on anthracite/pulverised coal injection coal, coking coal, coke and semi coke and ferronickel have additionally been withdrawn. All these adjustments in responsibility got here into impact from November 19, 2022.
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