Union Steel Minister H D Kumaraswamy has stated that additional taxes by Karnataka on mining operations will negatively impact the steel and mining sector. He mentioned this during a meeting with Union Law Minister Arjun Ram Meghwal. These taxes are three times higher than those in other parts of the country. View More

The additional taxes on mining operations by Karnataka government will adversely affect the steel and mining sector, Union Steel Minister H D Kumaraswamy said Thursday. A statement from Kumaraswamy’s office said these issues were red flagged during a meeting between him and Union Law Minister Arjun Ram Meghwal. ET Year-end Special ReadsBuying a home in 2025? Here's how property market can shape up18 top stock picks for 2025 from 6 leading brokersFive big bangs that shook the corporate world in 2024 “The heavy burden of these taxes and their negative impact on mining activities were key points of discussion during the meeting,” the statement said while adding that Karnataka was levying three times higher taxes compared with other parts of the country. Kumaraswamy said that India targets producing 300 million tonnes of steel annually by 2030. “With such aspirations in mind, it is crucial to address the bottlenecks in the mining and steel sectors,” he said. The statement noted that Meghwal supported Kumaraswamy’s remarks. ET reported last week that the Centre plans to hold consultations with states to device measures to prevent overburdening of mining operations amid concerns over unchecked taxation by state governments. 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This decision seems to have opened a Pandora’s box with states such as Karnataka deciding to impose fresh levies on mining operations, hoping to generate additional revenue of roughly Rs 4,700 crore from the sector. This has worried the mining sector as it fears more state governments will follow suit, leading to a substantial rise in their inputs costs. Under the existing law, most approvals for mining operations are given by state governments. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)