Tax Levied Affects Heavy Mineral Companies, VV Mineral
A major challenge faced by the heavy mineral mining industry is the implied taxes levied upon them through government policies. The central government has imposed 12.5 to 15% excise duty for various heavy minerals. Adding to this there is 10% excise duty which needs to be fulfilled by the organizations.
Further, the state government adds a number of taxes on companies like, sales tax, Value Added Tax (VAT) and local surcharge that are applicable to heavy mineral manufacturers.
Adding to the misery for mineral processing companies, the process of getting environmental and CRZ clearences from the ministry of Environment and Forest consumes a lot of time. Even if manufacturers own the land, the first stage public hearing has to be compulsorily