GCCI Urges Review of Supreme Court's Mineral Tax Ruling to Prevent Economic Fallout

The Goa Chamber of Commerce and Industries (GCCI) has called for an urgent review of the Supreme Court's recent mineral taxation ruling. The GCCI argues that increased mining costs will trigger higher prices for essential commodities and fuel inflation, negatively impacting the nation's economy. They urge a balanced solution.

The Goa Chamber of Commerce and Industries (GCCI) has called for an immediate reassessment of the Supreme Court's mineral taxation ruling, saying increased mining costs will raise prices of crucial commodities such as steel, power, and cement.

Last month, the Supreme Court allowed states to collect past mineral royalties from the Centre and mining companies dating back to April 1, 2005. The GCCI warned that any additional taxes or levies could make mining economically unviable, leading to higher inflation and a detrimental impact on the entire economy.

GCCI President Shrinivas Dempo emphasized the need for balanced solutions to ensure revenue generation while allowing the mining industry to survive, particularly in Goa, which is recovering from a previous mining ban.

(With inputs from agencies.)