The Indian government has included products of steel and iron in the list of products eligible for refund of taxes levied on export production for a specific period of time, a government official said on Thursday, December 8.
The official said that levies on export production of products of iron and steel, pharmaceuticals and chemicals will be eligible for refunds under the Remission of Duties and Taxes on Exported Products (RToDTEP) from December 15, 2022 to September 30, 2023.
Exports from these sectors were taken out of the eligible list in 2021 and the domestic steel industry had sought the reintroduction of the benefit in view of falling steel exports from the country.
Indian finished steel exports declined by 53 percent to 330,000 mt in November this year and were down 55 percent to 4.3 million mt during the April-November period.
