A proposed law in Karnataka could triple the tax burden on miners operating pre-auction-era iron ore mines, potentially squeezing their margins and triggering steel price hikes in response, experts said.
The Karnataka (Mineral Rights and Mineral Bearing Land) Tax Bill, 2024, introduced in the state legislature on Monday, aims to impose two new taxes: one on mineral-bearing land and another on mineral rights for mining leases.
The bill has drawn sharp reactions from industry observers, as major players brace for its financial impact.
State-owned NMDC Ltd, along with private mining giants Vedanta Ltd and Sandur Manganese and Iron Ores Ltd, are the largest operators of pre-auction-era mines in Karnataka and will bear the brunt of the proposed tax.
Together, these companies account for a significant portion of Karnataka's iron ore production, which makes up roughly 15% of India's annual output of 280 million tonnes, according to BigMint, a market intelligence firm.
Denne historien er fra December 19, 2024-utgaven av Mint Hyderabad.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 19, 2024-utgaven av Mint Hyderabad.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Capex flexibility tops states' budget wishlist
Kerala, Punjab call for special financial packages, higher borrowing limits
'Adani foray into cement drives deep discounts'
Competition in India's cement sector heated up with the entrance of the Adani Group in September 2022, top manufacturers bumped up discounts to maintain market share, according to a report from British wealth manager Investec.
Tata Steel's Dutch plant gets warning
Tata Steel Netherlands will face fines of almost €27 million if it doesn't take measures within eight weeks
Banks win SC relief on 30% credit interest cap
The Supreme Court on Friday overturned the National Consumer Disputes Redressal Commission (NCDRC)'s 2008 decision to cap interest rates on late credit card bill payments at 30% per annum, bringing relief to lenders that had appealed the consumer forum's ruling.
Leave a movie midway, and get some money back
PVR Inox's move is part of efforts to widen audience base and improve movie-going frequency
Claims of Reliance Infratel's indirect creditors upheld
The apex court upheld ₹10,952 crore claims by four indirect creditors of Anil Ambani-led RCom's tower biz
Pushpa 2 most-watched film of 2024, Coldplay hot
Nostalgia also took centre stage with re-releases like Kal Ho Naa Ho, Rockstar and Laila Majnu still drawing viewers
Bombay HC upholds Adani's bid to develop Dharavi slum
The project gained momentum in 2016 under the Bharatiya Janata Party-Shiv Sena led govt
LIVING THE DREAM
The co-founder and CEO of Dream Sports talks about the correlation between academic mediocrity and success, setting the culture at the organisation, and the boom in fantasy sports in India
TKIL in talks with oil, steel cos for green hydrogen plants
TKIL aims for 100 MW electrolyser capacity by 2025 and has allocated ₹1,500-2,000 crore
