The Supreme Court (SC) on Wednesday empowered states to levy taxes on mining and related activities retrospectively from April 1, 2005, prompting miners to speak about a financial burden, impediments to investments, and an inflation spike in end products.
On July 25, the Court had upheld state government's rights to levy cess on mining lands and quarries while ruling that the royalty paid by mining operators to the Central government was not a tax.
On Wednesday, a nine-judge Constitution Bench headed by Chief Justice of India D Y Chandrachud decided that the judgement will apply retrospectively, although the Central government had pleaded for a prospective implementation.
The Nifty Metal index ended 1.26 per cent down on Wednesday as the benchmark Nifty was flat. Among its components, NMDC and Hindustan Copper fell the most, by 6 per cent and 4.6 per cent, respectively.
In some relief to the industry, the Court said the payment of taxes would be staggered in instalments over a period of 12 years starting April 1, 2026.
Diese Geschichte stammt aus der August 15, 2024-Ausgabe von Business Standard.
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