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Indian steel mills to pay USD 4.7 billion state taxes -The 18th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
11/16/2016 - Stainless Steel Exhibition |
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Reuters reported that Supreme Court on Friday rejected a petition by major firms seeking the withdrawal of a tax on the movement of goods through the states, a decision that would force them to pay an estimated USD 4.5 billion in back taxes and interest. Chief Justice TS Thakur said India''s constitution gave the states the right to impose such a tax
Mr Rakesh Dwivedi, a lawyer representing the state of Uttar Pradesh, said ¡°It is a very good judgment that will help the states to collect more revenue.¡±
States have said that companies would have to pay over INR 300 billion (USD 4.47 billion) in back taxes along with interest.
Some 2,000 companies including the Jindal group, Vedanta, Steel Authority of India and Tata Steel had hadf contended that entry tax on goods as they moved from one state to another was against free trade.
-The 18th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
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