Certain changes have been carried out in the rates of export duty and Central Excise duties today.
Export duty on iron ore was so far being levied at specific rates. Lumps, and fines having iron content exceeding 62% were charged to duty of Rs.300 per MT, while the duty leviable on fines with iron content up to 62% was Rs.50 per MT. In order to further strengthen a policy regime that enables conservation of good quality ore and ensures its availability to domestic industry at a reasonable price, the effective rate of duty on iron ore has been enhanced to a uniform rate of 15% ad valorem, irrespective of iron content.
Flat-rolled products of iron and steel, including galvanized products, and pipes and tubes that attracted export duty ranging from 5% to 15% ad valorem, have been fully exempted from export duty. The rate of export duty on long products such as bars and rods; angles, shapes and sections and wire has been increased from 10% to 15%, to improve their availability in the domestic market.
Central Excise duty on large cars, multi utility vehicles (MUVs) and sports utility vehicles (SUVs), of engine capacity exceeding 1500 cc, mostly used by the affluent sections, has been increased. These would now be chargeable to a specific rate of duty in addition to the existing ad valorem rate of 24%. For cars, MUVs and SUVs of engine capacity ranging from 1500 cc to 1999 cc, a specific duty of Rs.15,000 per unit has been imposed while for those having an engine capacity of 2000 cc and above, the specific duty is Rs.20,000 per unit. There is no change in the duty applicable to cars of engine capacity upto 1500 cc.
Notification Nos. 77 to 80/2008-Cus and Nos. 39 and 40/2008-CE all dated 13th June, 2008 have been issued to implement these changes. They shall come into force with immediate effect.
Customs - 80/2008 - dated June 13, 2008
Rescinds notification regarding - Grants exemption to iron ore fines of Fe content 62% and below
Customs - 79/2008 - dated June 13, 2008
Export duty on iron ore hiked to 15 per cent ad valorem irrespective of iron content
Customs - 78/2008 - dated June 13, 2008
Export duty leviable on iron ores and concentrates, all sorts
Customs - 77/2008 - dated June 13, 2008
Changes in export duty on steel items - Duty on bars, rods and angles hiked
Central Excise - 40/2008 - dated June 13, 2008
Addition in concessional rate of Central Excise duty on specified goods of Chapter 87
Central Excise - 39/2008 - dated June 13, 2008
Government hikes excise duty in CHAPTER 87 - Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof
