India’s
Mining Fiscal Regime: H1 2014: Order
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Indian fiscal regime report outlines governing bodies, governing laws, mining ownership and licenses, rights and obligations and tax-related information on 12 commodities: coal, iron ore, zinc, lead, copper, bauxite, gold, silver, chromium, manganese, diamond and uranium.
Key highlights
- The mining industry in India is
governed by Ministry of Mines, Indian Bureau of Mines (IBM) and Geological
Survey of India (GSI).
- The Mines and Minerals
(Development and Regulation) Act 1957, (MMDR) as amended up to May 10,
2012 and the Mines Act 1952, together with the rules and regulations
framed under them, constitute the basic laws governing the mining sector
in India. The Union Cabinet approved the proposal to introduce the MMDR
Bill 2011, which would eventually replace the 1957 Act once passed by
parliament.
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Key highlights
continued…
·
The Central and
the state governments are responsible for managing the mineral resources in
India.
·
The Ministry of
Coal is an authorized body and oversees the administration and development
policies and strategies, non-coking coal, lignite deposits and mining
operations in India. It also supervises production, demand, supply,
distribution and price-related matters for coal. The ministry is also in charge
of the administration of the Coal Mines Provident Fund Organization (CMPFO) and
Coal Mines Welfare Organization (CMWO).
·
The Subsoil Law
is the main law in the mining industry, providing all relevant laws and
regulations regarding subsoil use in the Russian Federation. Other regional
laws on subsoil are also applicable to the mining industry.
The mining industry in India is governed by Ministry of Mines, Indian Bureau of Mines (IBM) and Geological Survey of India (GSI). The Mines and Minerals (Development and Regulation) Act 1957, (MMDR) as amended up to May 10, 2012 and the Mines Act 1952, together with the rules and regulations framed under them, constitute the basic laws governing the mining sector in India. The Union Cabinet approved the proposal to introduce the MMDR Bill 2011, which would eventually replace the 1957 Act once passed by parliament.
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Table 1: The Mining Industry in India - Fiscal Regime Terms and Other Taxes 1
Table 2: The Mining Industry in India - Dead Rent Rates Per Hectare (INR), 2014 13
Table 3: The Mining Industry in India - Coal and Lignite Royalty Rates, (INR/%), 2014 15
Table 4: The Mining Industry in India - Coal Middlings Royalty Rate, (INR/%), 2014 15
Table 5: The Mining Industry in India - West Bengal Coal and Lignite Royalty Rates Per Tons, 2014 16
Table 6: The Mining Industry in India - Withholding Taxes (%), 2014 17
Table 7: The Mining Industry in India - Depreciation Rates (%), 2014 17
List of Figures
Figure 1: The Mining Industry in India - Commodity Mines at Different Stages 2
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