Indian steel ministry appoints Mecon to report on possible misdeclarations in iron ore export shipments

Thursday, 08 August 2019 10:16:44 (GMT+3)   |   Kolkata
       

India’s Ministry of Steel has appointed state-run steel sector consultancy firm Mecon Limited to prepare a report on the possibility of local iron ore exporters misdeclaring iron ore grades for shipment to avoid paying export tax, a government official said on Thursday, August 8.

The mandate to the consultancy firm is to make a review of the iron ore export market to establish whether Indian iron ore exporters are submitting false declarations indicating high grade iron ore fines, lumps and pellets with Fe content 58 percent and above as consignments with Fe content below 58 percent in order to avoid paying export tax, the official said.

It might be noted that iron ore fines and lumps of Fe content 58 percent and above attract an export tax of 30 percent, while shipments of iron ore fines and lumps with Fe content below 58 percent do not attract any export tax.


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