Wednesday, March 23,
The Lok Sabha on Tuesday passed the Finance Bill 2011.Finance Minister Mr. Pranab Mukherjee announced the exemption on excise duty on coking coal imports..*
It has been witnessed that inflationary pressure in India is now at highest point and increasing commodity prices is fuelling inflation globally and India is no different story. With an intention to curb inflation Government has taken measures like exempting excise duty on coking coal imports from Australia.
Exemption of excise duty on coking-coal imports is a positive for a large player like Tata Steel,. Jindal Steel, SAIL.
Australia accounts for some three fourth of India’s coking coal imports, which stood at around 28 mt.Recent floods in Australia already ticked off the prices, increasing input cost of steel players and squeeze their margins and finally this increased cost is going to be pass on to end users. Release in excise duty is a sigh of relief for steel players.
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