Business News | Government Has No Plans to Revise Royalty on Coal

New Delhi [India], December 16 (ANI): The Central government has no plans to revise the existing rate of royalty on coal, Minister of Coal and Mines G. Kishan Reddy informed the Rajya Sabha on Monday.

Rajya Sabha member Sasmit Patra had asked the government whether it was considering revising the coal royalty for Odisha.

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Currently, the rate of royalty stands at 14 per cent, calculated entirely on an ad-valorem basis, reflecting the price of coal as stated in the invoice, excluding taxes, levies, and other charges.

"This ensures that with any increase in the price of coal, the royalty collection for states also rises," the minister said in his written reply to the Upper House.

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Additionally, the minister argued that any increase in the royalty rate would place domestic coal at a disadvantage compared to imported coal.

He further informed the House that a Study Group constituted in 2014 had recommended no increase in the rate of royalty, a recommendation that was subsequently accepted by the government.

"The government has no plans to revise the existing rate of royalty," the minister concluded in his written reply. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)