Withdrawal of export duty on iron ore & steel products: CBIC

Withdrawal of export duty on iron ore & steel products: The Central Board Indirect Taxes and Customs (CBIC) Seeks to amend Notification No. 27/2011- Customs, dated the 1st March, 2011 in order to withdrawal export duty on iron ore & steel products.

In this Notification No. 58/2022-Customs, the CBIC has amended the earlier notification in order to give boost to export sector in the area of iron ore and steel.

Several stainless-steel items are duty-free for export, including flat-rolled products of stainless steel; other stainless-steel bars and rods; angles, shapes, and sections of stainless steel; hot-rolled bars and rods in irregularly wound coils of other alloy steel, and so on.

TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,

SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(Department of Revenue)

Notification No. 58/2022-Customs

New Delhi,the18thNovember, 2022

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, Part II, Section 3, Sub-section (i), vide number G.S.R. 153(E), dated the 1st March, 2011, namely :-

In the said notification, in the Table

(i) afterS. No. 20and the entries relating thereto, the following S. No. and entries shall be inserted, namely: –

(ii)against S. No. 23, in column (4), for the entry “45%”, the entry “Nil” shall be substituted;

(iii)against S. No. 48, in column (4), for the entry“15%”,the entry “Nil” shall be substituted;

(iv)against S. No. 54, in column (4), for the entry “15%”, the entry “Nil” shall be substituted;

(v)against S. No. 55, in column (4), for the entry “15%”, the entry “Nil” shall be substituted;

(vi)against S. No. 56, in column (4), for the entry “15%”, the entry “Nil” shall be substituted;

(vii)against S. No. 57, in column (4), for the entry “15%”, the entry “Nil” shall be substituted;

(viii)against S. No. 58, in column (4), for the entry “15%”, the entry “Nil” shall be substituted;

(ix)after S. No. 61and the entries relating thereto, the following S. Nos. and entries shall be inserted, namely:

This notification shall come into force on the 19thday of November, 2022.

[F.No.354/12/2022-TRU]

(Vikram Vijay Wanere)

Under Secretary to the Government of India