Considering the domestic requirement of iron ore pellets, the Government has decided to impose an export duty of 5% on iron ore pellets. CBEC issued Notification No. 03/2014-Customs, dated 27.01.2014 in this regard.
Iron ore fines and lumps are leviable to an export duty of 30%. Iron ore pellets are however exempt from export duty. In 2012-13, exports of iron ore pellets were negligible. However, in April-November 2013, exports of iron ore pellets have risen sharply, causing an apprehension about shortage of iron ore in the country. Iron ore is a critical raw material required for production of steel.
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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 3/2014 – Customs
New Delhi, dated the 27th January, 2014
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India, Extraordinary, vide number G.S.R.153 (E),dated the 1st March, 2011,namely:-
In the said notification, in the Table, against serial number 23, in column (4), for the entry “Nil”, the entry “5%” shall be substituted.
[F.No.354/290/2011-TRU]
(Raj Kumar Digvijay)
Under Secretary to the Government of India
Note:- The principal notification No. 27/2011-Customs, dated the 1st March, 2011 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 153(E), dated the 1st March, 2011 and was last amended vide notification No. 15/2013-Customs dated the 1st March, 2013 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 138 (E), dated the 1st March, 2013.
