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In a landmark judgment, a nine-judge constitution bench of the Supreme Court has ruled that states have the authority to collect previous dues on royalty and tax on mineral-bearing land from April 1, 2005. This ruling significantly impacts mining companies, which now face the prospect of paying backdated dues.
However, in a move to ease the financial burden, the Supreme Court has allowed these dues to be paid in staggered installments over 12 years. The court has also nullified any interest and penalties on these past dues, providing some relief to the mining companies.
The ruling has affected the sentiment in the stock market, with shares of mining companies taking a hit following the announcement.
This decision follows the Supreme Court's earlier ruling on July 25, which upheld the states' authority to impose taxes on mineral rights, further affirming the legal framework that supports state taxation powers in this sector.
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West Bengal
Bihar
Uttar Pradesh
Jharkhand