GCCI seeks urgent review of Supreme Court's mineral taxation ruling

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GCCI seeks urgent review of Supreme Court's mineral taxation ruling - Business Standard

Quick Summary:

The Goa Chamber of Commerce and Industries (GCCI) has demanded an urgent review of the mineral taxation ruling by the Supreme Court, stating that the increased cost of mining will inevitably lead to higher prices for essential commodities, including steel, power and cement.

The Supreme Court last month allowed states to collect past dues on royalty on minerals bearing land from the Centre and mining companies from April 1, 2005 onwards.

"The imposition of further taxes/ cess/ levies, if any, as permitted by the ruling, will further impact the economics of mining operations possibly making it unviable with its natural consequences.