CBIC notifies for withdrawal of export duty on iron ore& steel products
The Central Board of Indirect Taxes & Customs has released an update dated 18th November 2022 relating to Custom. The Central Government felt necessary for the welfare of the public interest to make some updation in the Custom Tariff Act.
As per the amendment it is said “ 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) after S. No. 20 and the entries relating thereto, the following S. No. and entries shall be inserted, namely:
| (1) | (2) | (3) | (4) |
| “20A. | 2601 11 21, 2601 11 22, 2601 11 41, 2601 11 42 | All Goods | NIL
|
| 20C | 2601 11 | All Goods, other than goods mentioned in S.No. 20A | 30% |
| 20D | 2601 12 | All Goods, other than iron ore pellets | 30% |
(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. 61 and the entries relating thereto, the following S. Nos. and entries shall be inserted, namely: –
| (1) | (2) | (3) | (4) |
| “61A | 7219 | Flat-rolled products of stainless steel, of a width of 600 mm or more | NIL |
| 61B | 7222 | Other bars and rods of stainless steel; angles, shapes and sections of stainless steel | NIL |
| 61C | 7227 | Bars and rods, hot-rolled, in irregularly wound coils, of other alloy steel | NIL” |
As per the Central Government, this notification shall come into effect on the 19th November, 2022.
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This was the update released by the department of Central Board of Indirect Taxes & Customs on 18th November which shall come into force from the next day i.e. 19th November 2022 onwards. Stay connected with EAdvisors Blogs to get all the latest updates direct from the department of CBIC.
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