TABLE: India rejigs tax to tame inflation
NEW DELHI, May 21 (Reuters) - India's government has cut taxes on various commodities and raised export duties on some products as Asia's third largest economy seeks to rein in inflation.
Below is a table with details of the new tax structure for different products.
Product
Old tax New
tax EXPORT DUTY (IRON ORE & STEEL INTERMEDIATES)
Iron ores and concentrates (other than roasted iron pyrites)
30%
50% Iron ore pellets
NIL
45% Pig iron and spiegeleisen in pigs, blocks, or other primary forms
NIL
15% Flat-rolled products of iron or nonalloy steel, of a width of 600 mm or more, NIL
15% hot-rolled, not clad, plated or coated
Flat-rolled products of iron or nonalloy steel, of a width of 600 mm or more, NIL
15% cold-rolled (cold reduced), not clad, plated or coated
Flat-rolled products of iron or nonalloy steel, of a width of 600 mm or more, NIL
15% clad, plated or coated
Bars and rods, hot-rolled, in irregularly wound coils, of iron or non-alloy
NIL
15% steel
Other bars and rods of iron or nonalloy steel, not further worked than forged, NIL
15% hot-rolled, hot-drawn
Flat-rolled products of stainless steel of width >=600mm
NIL
15% Other bars and rods of stainless steel; angles, shapes and sections of
NIL
15% stainless-steel
Bars and rods, hot-rolled, in irregularly wound coils, of other alloy steel
NIL
15%
IMPORT DUTY (RAW MATERIALS OF STEEL)
A. Anthracite/pulverized Coal injection (PCI) coal B. Coking Coal
2.50%
NIL Coke and semi-coke
5%
NIL Ferronickel
2.50%
NIL
IMPORT DUTY (RAW MATERIALS OF PLASTIC PRODUCTS)
Naphtha
2.50%
1% Propylene Oxide
5%
2.50% Polymers Of Vinyl Chloride (PVC)
10%
7.50%
Reporting by Munsif Vengattil in New Delhi
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