Stay Yourself Updated on GST
THE HON’BLE SUPREME COURT OF INDIA Dr. Dhananjaya Y. Chandrachud, CJI, Hrishikesh Roy, Abhay S. Oka, J.B. Pardiwala, ManojMisra, UjjalBhuyan, Satish Chandra Sharma and Augustine George Masih, JJ. IN THE CASE OF Mineral Area Development Authority V/s Steel Authority of India Civil Appeal Nos. 4056-4064 of 1999 and Others, decided on 14-8-2024
👉 Issue:-
✔️ What are the current status Tax interest & penalty on mineral rights by State?
👉 The Hon’ble Supreme Court Judgement:-
✔️ States can tax mineral rights & mineral land wref 1-4-2005, but interest & penalty for demands made prior to 25-7-2024 to be waived.
✔️ While the States may levy or renew demands of tax, if any, pertaining to Entries 49 and 50 of List II of the Seventh Schedule in terms of the law laid down in the decision in Mineral Area Development Authority v. Steel Authority of India, Civil Appeal Nos. 4056 – 4064 of 1999, dated 25-7-2024 the demand of tax shall not operate on transactions made prior to 1 April 2005;
✔️ The time for payment of the demand of tax shall be staggered in instalments over a period of twelve years commencing from 1 April 2026; and
✔️ The levy of interest and penalty on demands made for the period before 25 July 2024 shall stand waived for all the assesses.
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