GCCI seeks urgent review of Supreme Court's mineral taxation ruling
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.
»Additionally, the increased cost of mining will inevitably lead to higher prices for essential commodities e.g., steel, power, cement, etc. further fuelling inflation and consequential impact on the nation's economy," GCCI said in a statement.
The possible impact would be a change of goalpost particularly when the auction regime is in vogue post enactment of MMDR (Amendment) Act in 2015, while creating an uncertainty in the mineral taxation regime of the country, it said.
It may adversely impact the downstream industries and lead to mining cost push inflation affecting the entire economy.
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