Mining industry urges not to levy taxes

PTI, PANAJI | 17 March 2013 16:39 IST

Goa's iron ore industry has urged the state government not to levy additional taxes on it during the forthcoming state Budget to be presented on the floor of the House tomorrow.

In its pre-budget wish list, Goa Mineral Ore Exporters Association (GMOEA) has said the industry is already reeling under pressure of the current suspension by the Supreme Court. 

"In view of the current drawbacks, the mining Industry hopes that no additional taxes are levied on it in the forthcoming state Budget," GMOEA has said. 

The mine owners have also said that they look forward to increased improvement of infrastructure, especially roads within the mining belt. 

"Improvements in inland waterways coupled with bunkering facilities along major waterways can also boost growth of other sectors, apart from mining," it added. 

The association has said that certain fiscal amendments like corrections on e-filing, VAT for declared goods, entry tax on ships and other vessels, and others need to be looked into. 

"The mining industry in India, especially iron ores, is possibly the highest taxed sector, with over 50 per cent of its earnings being paid back as taxes to the central and state governments," GMOEA said. 

Goa's mining industry has been reeling under pressure of the current suspension orders on extraction activity, as all revenues have stopped ever since operations were suspended about six months back. 

The industry is hopeful of an early hearing in the matter so that the issues relating to resumption of operations are urgently addressed. 

This would bring relief to all the stakeholders, including governments, the GMOEA added. is now on Telegram & also Youtube. Kindly subscribe for free & remain updated.

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