Goa mine owners to pay 15% royalty for lease renewal

Goa cabinet has approved an amendment to the Stamp Duty Act under which mine owners will have to pay 15 percent of their royalty for next 20 years for getting renewal of the lease.

The amendment is expected to mop up revenue of Rs 2,500 crore for the state government this fiscal, resulting in the additional revenue mobilisation.

[caption id=“attachment_401726” align=“alignleft” width=“380”]  The cabinet decided that mining firms will have to pay 15 percent of royalty sum.Raman Kirpal/Firstpost[/caption]

The cabinet meeting held this week approved the amendment, which will be tabled on the floor of the House during the ongoing state Assembly session.

In the past, the state government had not been renewing the mining leases, letting it run on the deemed provisions.

More from Economy

Inflation likely to be a big focus area for budget 2024, say sources Explained: Will the Bank of Japan break tradition and raise interest rates?

The cabinet decided that mining firms will have to pay 15 percent of royalty sum, that it is expected to be earned from lease for next 20 years. The period of renewal is for 20 years.

Chief minister Manohar Parrikar said the government will renew only those leases which will have proper clearances from various authorities.

Goa exported 43 million metric tones of iron ore during last fiscal, bringing in a royalty of Rs 900 crore.

PTI