15 august 2024 : The Supreme Court order allowing states to collect past tax dues from mining companies could potentially impose a significant financial burden on them, given that it allows levying of tax on royalty payments from April 1, 2005 onwards.
According to a senior official in the Ministry of Mines, the ruling will have a major financial implication on mining companies, especially those mining coal and iron ore. These include both private companies and public sector undertakings (PSUs) that come under the mines ministry, the official said, adding that future investments in the mining sector could also be impacted by the ruling to tax retrospectively.
