Today’s Ten: Landmark SC ruling boosts mineral-rich states
By Pradeep Damodaran in Media News on Friday, 26th July 2024 at 4:02pmIn a significant verdict with far-reaching consequences, which would spell a double bonanza for mineral-rich states featuring low on the prosperity index, a nine-judge bench of the Supreme Court, in a majority 8:1 verdict, ruled that states can collect royalty, which is not a tax, on minerals extracted from their territories.
The states could also impose additional tax on mineral-bearing land, reported Dhananjay Mahapatra of The Times of India. If the judgement becomes operational retrospectively, mineral-rich states like Odisha, Chhattisgarh, Jharkhand, Andhra Pradesh etc. could be richer by thousands of crores. However, in an important clarification, SC said this ruling would not apply to oilfields, mineral oil resources, petroleum and petroleum products.
Justice B V Nagarathna, w...
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