PANAJI: The Ministry of Finance has finally considered Goa’s request for levying Nil Export duty below 58 Fe Iron Ore.
This Circular has come into effect starting today, November 19. The order states that Finance Ministry has removed export duties on steel products and iron ore imposed in late May.
The government said the amendments have been made “on being satisfied that it is necessary for the public interest to do so”.
Export duties on nine steel products with HS code 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227 will attract nil duty compared with the 15pc imposed since May, according to the notification.
While exports of iron ore lumps and fines with less than 58pc Fe and iron ore pellets will attract nil duty compared with the 50pc and 45pc duties, respectively, levied earlier in the year.
Iron ore lumps and fines of more than 58pc will continue to attract 30pc duty.
Chief Minister Pramod Sawant thanked the Union Government led by Prime Minister Narendra and Home Minister Amit Shah for considering Goa’s request for levying Nil export duty on below 58 Fe iron ore.
“I thank the Union Govt led by PM Narendra Modi for considering our request for levying Nil Export duty on below 58 Fe Iron Ore,” said CM Sawant
He further extended his gratitude for the withdrawal of export duty that will boost the mining sector and Goa’s economy.
“This will also propel the export of low-grade iron ore from Goa, giving relief to various segments in iron ore business and allied activities,” he said.
Goa’s ore largely being low grade (that is below 50 per cent Fe) and not processed for steel making in the country; the state had requested the ministry of finance to consider ‘nil’ export duty instead of 50 per cent on low-grade iron ore exports, as was done since 2016.
The state government further said that “this is necessary for sustainable mining in the state”.
Goa’s iron ore mining industry has come to a standstill since March 2018 after the Supreme Court quashed all mining leases.