Export duty on iron products, customs duty on ATF scrapped

New Delhi, Oct 31 (IANS) The government has withdrawn export duty on certain iron and steel products and removed the basic customs duty on Aviation Turbine Fuel from Saturday.

The finance ministry in a statement said that the decision to remove export duties on the specific iron products was taken after the steep fall in international prices recently.

These include pig iron, iron and steel ingots, bars and rods, angles shapes, sections. However, scrap would continue to attract the existing rate of export duty.

Further, instead of the 15 percent ad valorem imposed on iron ore (lumps and fines), a specific duty of Rs.200 PMT will be levied on fines only. The rate of export duty of iron ore lumps will remain unchanged.

Besides, with private air carriers claiming huge losses mainly due to high price of Aviation Turbine Fuel (ATF), the government has abolished the basic customs duty of 5 percent.