NMDC Flags ₹15,786 Crore Karnataka Tax Liability Under MMDR Act
· Business · Business Standard
State-owned miner NMDC has reported a potential tax liability of ₹15,786 crore following recent amendments to the Mines and Minerals (Development and Regulation) Act. The company disclosed that the Karnataka government issued notices demanding payments related to mineral rights and associated levies. NMDC stated that it is currently evaluating the legal implications of these demands and the impact of the legislative changes. The firm has not yet finalized its response to the state authorities regarding the specific calculation of these dues. This development follows broader regulatory shifts affecting mining operations across the country.
Why it matters
The tax demand poses a significant financial risk to NMDC's balance sheet and may set a precedent for how other mining companies handle retrospective or amended tax liabilities under the updated MMDR Act.
Read the original report — Business Standard
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