[SMM Iron & Steel] India Raises Tax Collected at Source (TCS) on Coal and Lignite to 2%

Published: Feb 2, 2026 16:36

Save

In the Union Budget 2026 presented on February 1, 2026, the Indian government increased the Tax Collected at Source (TCS) on the sale of coal and lignite from 1% to 2%. This measure is part of a broader fiscal strategy to simplify tax collection while managing the massive scale of domestic production. The change is expected to slightly adjust the procurement costs for Indian steelmakers who remain heavily reliant on coal-fired blast furnaces for their 164.9 million ton annual steel output.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

23 mins ago

[SMM Chromium Daily Review] Market operates strongly and steadily, quotations remain unchanged for now.

[SMM Chrome Daily Review: Market Remained Strong and Stable with No Price Adjustments] February 2, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

23 mins ago

50 mins ago

MMi Daily Iron Ore Report (February 2)

Today, the DCE iron ore market exhibited a volatile and downward trend. The benchmark contract, I2605, eventually closed at 783 RMB/tonne, representing a decline of 1.26% from the previous trading day.

50 mins ago

59 mins ago

No new catalysts are present, and iron ore futures are in the doldrums [SMM Brief Review]

59 mins ago