News & Media 16th Aug 2024

Mining firms stare at huge Rs 2-lakh-cr hit

Authors

Jitendra MotwaniPartner | Mumbai

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The Supreme Court on Wednesday rejected a plea for restricting its June 25 ruling, affirming the legislative power of state government to tax mineral rights and mineral-bearing lands in addition to royalty for prospective effect, and allowed them to seek dues of these levies from “mining firms and the Centre” from April 1, 2005. In an 8:1 ruling, a Constitution bench headed by Chief Justice DY Chandrachud said the recovery of these dues, based on past demands, shall be staggered over 12 years commencing from April 1, 2026, sans penalty and interest.

Financial Express’s Arunima Bharadwaj writes on this issue, “Mining firms stare at huge Rs 2-lakh-cr hit” with insights from Jitendra Motwani.

Read the detailed story here

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