Govt likely to ease exports curbs on steel

New Delhi, Sept 7 (KNN) The government might soon revise levies on steel exports and bring down taxes on some products.

It is likely that the government may withdraw the tax on other steel products, as reported Live Mint.

This year on May 22 taxes on steel exports were imposed to allow the steel industry to tap overseas markets amid declining domestic demand.

After 3 months the government is looking into its revision.

Owing to several representations from the steel industry in June, the Steel Ministry has taken up the issue with the Finance Ministry.

Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri said, “We have received representations because there has been a change in price trends. They are under examination.”

According to Live Mint, 15 per cent export duty on some steel products might be halved or abolished for some products.

Before deciding to revise export levies the ministry asked for more data from industry to complete its analysis.  (KNN Bureau)