Author: Paul Ploumis29 Oct 2014 Last updated at 07:13:38 GMT
NEW DELHI (Scrap Monster): The Mines Ministry in a statement stated that, the main function of the Mines Ministry of India is to undertake the production of minerals and to govern the mineral resources of the country, as far as the financial issues regarding the sector; which includes the lowering of 30 percent tax imposed on the export of iron ore, is concerned, it comes under the function of the revenue department, as well as the Commerce Department of the Finance Ministry.
This statement is going to be a major blow on the face for the iron ore miners as well as for the iron ore exporters, who was expecting a decline in the export duty and hoping that the Ministry of Mines would play the role of a mediator between the government and them in the matter of tax reduction.
The Mines Mininstry’s report was based on the petition the Ministry had received from the Federation of Indian Mineral Industry, which stated that, the 30 percent tax was too high for, the exporters to handle as the exports are low, and the exporters cannot deal with the increasing exports from Brazil and Australia. The petition also noted the steep fall of iron ore prices to 80 dollars per tonne.