Business Standard reported that a temporary arrangement has been reached to provide relief to the exporters over imposition of export duty of 20% on galvanized steel in Kolkata port
As per report, the port authorities have allowed exporters to ship the commodity in lieu of bonds, till the Central Board of Excise and Customs come out with a clarification on the issue.
A spokesperson from EEPC said “As a temporary measure, exporters have been allowed to ship against bonds. We are waiting for a clarification from CBEC on the issue.”
He added “Once the matter is resolved, the port authorities would release the bond after adjustment of the customs duty, if any.”
Last month, Kolkata port had imposed 20% export duty on galvanized steel, which has led to an imbroglio over steel shipment from the port.
According to the second schedule of the customs tariff, all products under HS Code 7210 (Flat rolled products of iron or non alloy steel, plated or coated with Zinc) are subject to 20% export duty. However, so long no such duty was being imposed and Kolkata port was the only port to impose such duty.
