trending Market Intelligence /marketintelligence/en/news-insights/trending/0khxx-yinwcp0g64odq9fw2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

Coal India facing up to 20B rupees in additional mining taxes

Municipal-Run Fiber Tops 280000 Subscribers In 2018

The Essential Conference 2019 Highlight Reel

Mobile Payment Apps Driving Fintech Frenzy In India

Street Talk Episode 42: Banks losing consumer deposits to fintech, digital platforms, commercial might be next


Coal India facing up to 20B rupees in additional mining taxes

India's Coal Ministry has made the District Mineral Foundation or DMF, levy applicable on coal mining from January 2015, a move that would subject Coal India Ltd. to an additional 20 billion Indian rupees to 25 billion rupees in mining taxes, The Hindu wrote Oct. 2.

Under the Mines and Mineral Development and Regulation Act of 2015, miners have to pay a further levy on top of royalty payments toward the DMF to fund development projects in areas affected by mining. The levy has fetched more than 32 billion rupees so far.

The levy is capped at 30% of the royalty payment for the mines allotted administratively in the past and 10% for the mines acquired through auctions.

"Coal India Limited is expected to deposit about Rs.2,000 crore to Rs.2,500 crore as DMF for the period between January 2015 and October 2015, while those who acquired mines through the auction route would pay 10 per cent," a mines ministry official said.

The retrospective implementation of the levy is being examined by India's Supreme Court.

This comes amid the state-run company's struggles with weak demand of coal from the power sector, a situation that has affected the company's profitability and its ability to give its employees the agreed-upon salary increase.

As of Sept. 30, US$1 was equivalent to 66.58 Indian rupees.