Ore exporters in the lurch, Goa govt to take up issue of export duty rollback with Centre

<br /><br /> The export duty was hiked from 20 percent to 30 percent from December 30, 2011 onwards, leaving the Iron Ore exporters in lurch.

hidden January 06, 2012 13:32:23 IST
Ore exporters in the lurch, Goa govt to take up issue of export duty rollback with Centre

Panaji: The Goa government has decided to take up with the Centre the issue of hiked export duty, which is likely to dent the prospects of iron ore mining industry in the state.

State Chief Minister Digambar Kamat told PTI that his office has received several representations from bodies representing the mining industry and even from the Goa Chamber of Commerce and Industry (GCCI) expressing worries over the increased taxation. "We will represent to the Union government seeking their intervention to roll back the export duty," Kamat said.

Ore exporters in the lurch Goa govt to take up issue of export duty rollback with Centre

They had also pointed out that the royalty, which is inversely proportionate to export duty, will plummet this year, affecting finances of the state. Reuters

The export duty was hiked from 20 percent to 30 percent from December 30, 2011 onwards, leaving the Iron Ore exporters in lurch. Goa Mineral Ore Exporters Association (GMOEA), the body representing Goan exporters, had said that such a hike would cripple the trade.

They had also pointed out that the royalty, which is inversely proportionate to export duty, will plummet this year, affecting finances of the state.

The GCCI had also written letter to Union Finance Ninister Pranab Mukherjee to review the hike. Goa, the biggest exporter of Iron Ore, had sent assignments of 54 million metric tonnes in the international market. The state has low grade ores which are not consumable for the steel industry, until they are blended with the high grade ones.

PTI

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