Responding to the concerns of the domestic ferro chrome producers, the Government of India on Thursday has re-imposed export duty on Chrome Ore and Concentrate at 30%. In a notification dated 26 May’16, the Department of Revenue, Ministry of Finance has omitted the amendment (24BA) made in the original order of March 2011.
As reported earlier by SteelMint, the Mines Ministry had recommended the re-imposition of 30% export duty on chrome ore. However, the ministry had suggested 15% duty on export of chrome ore concentrates, subject to a ceiling of 70,000 MT per annum. But, as per the order the duty structure of both chrome ore and concentrate will be equal at 30%. The domestic ferro chrome producers have been demanding the re-imposition of export duty on chrome ore.
The new order will be enforced with immediate effect. Indian chrome ore exports have reached 102,000 MT since January this calendar year. However, after re-imposition of the export duty chrome ore exports is expected to drop in the coming months.
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