 "SC order allowing states to collect past dues to hurt miners: Govt official")
Indian top court's order that allows states to collect past tax dues from mining companies will have a large financial impact on these firms and affect investments, a senior mines ministry official, who did not want to be named, told Reuters on Wednesday.
India's Supreme Court on Wednesday allowed state governments to collect mining companies' tax dues pending from April 1, 2005.
The time for payment or the demand of tax shall be staggered in installments over a period of 12 years, commencing from April 1, 2026, the top court said.
"This will affect the future of mining unless the government brings legislation to overcome this judgement," said R.K. Sharma, secretary general of the Federation of Indian Mineral Industries.
The order led to a 2.4 per cent fall in the India's metal index, with JSW Steel, Tata Steel and NMDC dropping between 2 per cent and 5.5 per cent.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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