Budget to be presented on 16th March FM issues Advisory to CESTAT to ensure that orders are issued by Benches on conclusion of arguments and in complicated matters orders should be issued within 30 days Madras High Court stays levy of service tax on lawyers economic growth slows to 6.9 per cent Sunil Kumar appointed as Chief Secretary of Chattisgarh Amarchand Mangaldas to open offices in Chennai Ahmedabad & Pune US closes its embassy in Syria Sudha Sharma appointed as Member of CBDT Rupee hits a high of 48.73 against Dollar Laxman Das is Officiating Chairman of CBDT Tariff Value for import of gold is 556 & for silver 1067 & for Brass Scrap 4078 & for poppy seeds 2205-Customs Non-Tariff Notification No. 10 Fused Silica is classifiable under Tariff Item 32074000-Customs Circular No.3 Additional Commisssioner of Income Tax HA Siddiqui sentenced to 4 years imprisonment for accepting bribe of Rs 1 Lakh by CBI Court in Delhi HC upholds levy of service tax on booking of flats-The explanation which was inserted by the Finance Act of 2010 clearly brings within the fold of taxable service a construction service provided by the builder to a buyer where there is an intended sale between the parties whether before, during or after construction Authority for Advance Ruling rules super concentrates shall be classified as products of the chemical industry under heading 3824 90 90 of Customs Tariff Anti dumping duty imposed on import of Morpholine from China European Union & USA Anti dumping duty imposed on import of Geogrid/Geostrips/ Geostraps made of polyester or Glass fiber in all its forms from Refund of Anti-Dumping Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012 notified-Customs Non-Tariff Notification No.5 Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Amendment Rules, 2012-Customs Non-Tariff Notification No.6 Safeguard duty at the rate of 10% ad valorem notified on import of Phthalic anhydride, falling under tariff item 2917 35 00-Customs SG Notification No.1 Customs duty on import of Gold, Silver, Cut & Polished Diamonds hiked Customs duty to be charged at the rate of 2 per cent of Tariff Value on gold and 6 per cent of Tariff Value on silver Tariff Value for import of gold & silver notified-Customs Non-Tariff Notification No.3 Anti-dumping duty on imports ofSilk fabrics 20-100 gms per metre, falling under heading 5007 originating in, or exported from, China-CustomsTariff Notification No. 2 Anti-dumping duty imposed on imports of Nylon Filament Yarn, falling under Chapter 54 ,originating in, or exported from, China, Chinese Taipei, Malaysia, Thailand and Korea RP-Customs TariffNotification No.3 Anti-dumping duty imposed on import of Phosphoric Acid of allgrades and all concentrations (excluding Agriculture/Fertilizer Grade) ,falling under tariff item 28092010, originating in, or exported from, Israel and Taiwan-Customs Tariff Notification No.4 Anti-dumping duty on imports of Cellophane Transparent Film , falling under Chapter 39 , originating in, or exported from, China-Customs TariffNotification No.5 Anti-dumping duty onimports of Saccharin, falling under Chapters 29, 30, 33 and 38 ,originating in, or exported from, China-Customs Tariff Notification No.7 Special Bench of ITAT rules the appellant is not entitled to set off carry forward business loss against the long term capital gain arising on sale of land used for the purpose business ITAT rules Long Term and Short Term gains / losses on sale of equity shares under Portfolio Management Scheme is business income and not Capital Gains HC rules the opinion of the AO may have been legally erroneous but this cannot be a ground for initiation of re-assessment proceedings Anti-dumping duty on ‘Caustic Soda’, originating in, or exported from, Saudi Arabia, Iran, Japan, USA & France-Customs Tariff Notification No.1 Cost Accountants can issue Certificates for the purpose of refund of 4% CVD-Customs Circular No.1 Customs duty on import from ASEAN nations lowered- Customs Tariff Notification No.127 deeper tariff cut on import from Malaysia notified- Customs Tariff Notification No.128 deeper tariff cuts on import from Korea notified- Customs Tariff Notification No.123 deeper tariff cuts on import from Srilanka & Pakistan under SAFTA notified- Customs Tariff Notification No.125 Schedule of Rates for Service Tax Refund to Exporters notified in supersession of Notification No.17/2009-Service Tax Notification No. 52 Customs duty on import of several products from specified countries lowered-Customs Tariff Notification No.113 Anti-dumping duty on ‘Sodium Hydrosulphite (SHS)’, falling under headings 2831 and 2832 , originating in, or exported from, China PR- Customs Tariff Notification No.111 CBEC specifies documents required for Registration of ServiceTax Customs duty on import of 532 Products from Singapore lowered-many products exempted from duty-Customs Tariff Notification No. 106 Government allows Rebate of excise duty on export of goods to Nepal under ARE-1 Procedure w.e.f. 1st March 2012-Central Excise Non-Tariff Notification No.24
Iron Ore Exporters hold shipments expecting rollback in export duty
AIT News Network
CHENNAI. As a knee jerk reaction to imposition of Export duty in the Finance Bill 2007 many exporters of iron ore fines have put on hold the proposed shipments. Media reports indicate as many as Five shipments meant for China stand cancelled. It is also reported that a move is afoot to get the export duty rolled back by citing various reasons, some of them are not logical at all. Of course every one has the right to react to the Budget proposal(export duty).
Congratulations to Finance Minister. The mindless export of Iron Ore Fines of all kinds has been put on check. The nail is put by way of imposition of Export duty of Rs. 300/ pmt on Iron ore fines of all sorts of purity vide Clause 105 (ii) of the Finance Bill 2007 which has come into effect from MARCH 1ST 2007.
While many Steel majors have welcomed the imposition of export duty it is worth examining why such move of the FM has been resented by export lobby. India is third largest country on the mineral deposit of iron ores after BRAZIL and AUSTRALIA. In the current fiscal, out of total production of 160 million tonne export is expected to touch 95 million tonne of iron ore. Our reserve has been put at 25,249 million tonne that will last for 100 years. Our country out of this rich natural wealth of iron ore can manufacture 110 million steel every year. On the other hand there is an argument by iron ore exporters that 84% of iron ore exported are fines and have no market in India. Railways earnings on account of iron ore exports is also put at over Rs.3000 Cr.
But the scenario obtaining in CHINA is altogether different. According one published analytical report Indian Steel Industry’s major concern is the possibility of large arrivals of Chinese steel. This will again push steel industry into major crisis of supply management and price fluctuations. Further some EU members are also considering anti dumping move against China. Even US Steel makers are upset over China’s mind boggling export of steel. It is also widely reported that China indulges in unfair trade practices and there are larger number of illegal steel manufacturers in China. Further it is an undisputed fact that some major steel companies of India are completely dependent on procuring iron ore from domestic mines only. Currently the ex-mine price of iron ore is Rs.2000/pmt. The present imposition of export duty will increase the ex-mine price only by 9.5 to 10% and this can be very well absorbed in their profit. On the other hand revenue yield will be around Rs.2000 Cr. which can be used judiciously for welfare measures. Considering all the pros and cons the FM is right in imposing export duty on iron ore which is long over due. Please do not withdraw this on any account. It can even be more worth if all the private iron ore mines are nationalised and the export channelised.