Finance Ministry Not In Favour Of Raising Tax On Iron Ore Export (30-Jul-2010)
Minister of state for finance, S.S. Palanimanickam has said in a written reply in parliament that it would be premature to raise tax on iron ore exports,providing a temporary relief to exporters and miners of the commodity.India last raised the export duty on iron ore lumps in April to 15% from 10%. While in Last December last year it slapped a 5-percent export duty on iron ore fines.
The minister stated that 'The union steel ministry has recommended a regime of export duty on iron ore as one of the measures to check the price rise and increase domestic availability of iron ore.' 'However, since export duty had been increased on iron ore lumps from 10 (percent) to 15 percent on 29th April, it was felt that any further change so soon, would be premature.'
The steel industry has frequently lobbied for a ban on iron ore export or at least for further raising the export duty on it so that more of the commodity is available for local use at low prices. A day earlier JSW Steel, the country's largest private steel maker by domestic capacity, has sought banning iron ore export in a phased manner in next five years. The company’s Vice-Chairman and Managing Director Sajjan Jindal said that 'Iron ore exports should be gradually banned. I would say that there should be a calibrated approach towards banning it, say in next five years bring down export of iron ore to zero,'
Karnataka Chief Minister B S Yeddyurappa and Steel Minister Virbhadra Singh had already sought imposition of ban on such shipments saying the move may help curbing illegal mining practices in the country. The ministers rather called for value-addition on the mineral in the country.
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