The Supreme Court has ruled that states can levy taxes on mineral rights, but clarified that the tax should not be applied retroactively before April 1, 2005. The court also allowed for a staggered payment plan for tax arrears over 12 years starting April 1, 2026, and waived interest and penalties for the period before July 25, 2024.
Prime Minister Narendra Modi has emphasized the crucial role of states in driving their own development, asserting that India’s goal of becoming a developed nation depends significantly on the progress of its individual states. He urged states to create their own vision documents, noting that a developed nation is essentially an aggregation of developed states. Modi also highlighted the importance of law and order, good governance, and infrastructure as critical factors for attracting investments.
