Mining Bill in India
October 8th 2011 19:37
The mining bill for sure will collect tax from the lucrative business of Iron Ore and Coal, but also can result in some economical changes. The mining sector is a great boom in entire world, which is efficient in creating a huge opportunity the resource sector and also creating more wealth along with more jobs.
The new mining bill make mining costlier in India and the mining industry can change is face to locate themselves out of India. The mining bill was passed by the cabinet last month makes it mandatory for the mining companies to share their huge profits with the local peoples of the region where the mining work is carried out. Other than Mining Bill, Government has already imposed taxes and Cess on mining and export which the mining companies are already paying.
The Mining Bill was introduced, to reduce the exploitation of the tribal land and people along with generating separate royalties which will be utilized for development of local communities where the mining is being done.
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