Synopsis
The All India Induction Furnaces Association, which represents 35% of the country s steel production capacity, has petitioned the finance ministry on the rampant action by intelligence bodies and the need for correcting the tax framework.
AFP
After increased scrutiny by GST authorities, steel companies that use scrap metal as input have suggested removal of tax on sale of the raw material between dealers and imposition of the levy on its sale to manufacturers under reverse charge mechanism.
The All India Induction Furnaces Association, which represents 35% of the country s steel production capacity, has petitioned the finance ministry on the rampant action by intelligence bodies and the need for correcting the tax framework.
Global Induction Furnace Market Expected to Reach USD 1,528 2 Million by 2027 texasguardian.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from texasguardian.com Daily Mail and Mail on Sunday newspapers.
The mystery behind rising iron ore prices
Over the past couple of months, the steel industry has witnessed constant dialogue between iron ore miners and steel producers, aimed at reaching common ground on the availability of a key commodity for manufacturing steel iron ore. While manufacturers of the alloy have gone up to the Prime Minister’s Office (PMO) seeking a ban on exports of iron ore citing sky-high prices, miners of the key raw material whose pellets form about 60% of the cost of production of steel claim that steel mills have been importing iron ore to suppress prices of the commodity despite huge stockpiles lying idle. Both sides have made sure to supplement their claims with data.
The mystery behind rising iron ore prices - The Financial Express financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
The mystery behind rising iron ore prices
By Ishaan Jain
Over the past couple of months, the steel industry has witnessed constant dialogue between iron ore miners and steel producers, aimed at reaching common ground on the availability of a key commodity for manufacturing steel-iron ore. While manufacturers of the alloy have gone up to the Prime Minister s Office (PMO) seeking a ban on exports of iron ore citing sky-high prices, miners of the key raw material-whose pellets form about 60% of the cost of production of steel-claim that steel mills have been importing iron ore to suppress prices of the commodity despite huge stockpiles lying idle. Both sides have made sure to supplement their claims with data.