India Mining Industry Fiscal Regime Analysis – Governing Bodies, Regulations, Licensing Fees, Taxes, Royalties, 2023 Update

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India Mining Industry Report Overview

The total FDI in India is valued at $185.9 million for the year 2022-2023. The country is endowed with vast mineral deposits, including coal, iron ore, bauxite, manganese, copper, lead, zinc, and limestone. In 2021, the Mines and Mineral Laws were enacted to attract more FDI, promote ease of doing business, reduce dependency on coal imports, and efficient process of mine allocation/auction.

The India mining industry report provides comprehensive coverage of India’s mining fiscal regime. The report focuses on the mining fiscals’ key aspects such as governing bodies, laws and regulations, governance frameworks, and sustainability practices. The report also includes mining-related taxes and royalties.

Total FDI (2022-2023)

$185.9 Million
Governing Bodies •         Ministry of Mines

•         Ministry of Environment

•         Forests and Climate Change (MoEFCC)

•         The Indian Bureau of Mines (IBM)

•         The Geological Survey of India (GSI)

Key Laws •         Mines and Minerals (Development and Regulation) Act, 2021

•         Mineral Conservation and Development (Amendment) Rule, 2021

•         The Coal Mines (Special Provisions) Act, 2015

•         Coal Block Allocation Rules, 2020

•         National Mineral Policy, 2019

Taxes and Royalties •         Royalty Taxes

•         Coal and Lignite Royalty Rates, West Bengal, 2023

•         Coal and Lignite Royalty Rates (Excluding West Bengal), 2023

•         Mining Concession Fees, 2023

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India Mining Industry - Governing Bodies

The country’s mining industry is governed by the Ministry of Mines, Ministry of Environment, Forests and Climate Change (MoEFCC), the Indian Bureau of Mines (IBM) and the Geological Survey of India (GSI).

Ministry of Mines: The Ministry of Mines in India is responsible for the survey and exploration of minerals in the country, excluding petroleum, natural gas and atomic minerals. In addition, the ministry also supervises the mining and metallurgy of non-ferrous metals, including gold, copper, aluminium, zinc, nickel, and lead, among others. The ministry, along with its attached and subordinate offices, research institutions and public sector undertakings, performs many functions. The functions include legislation for the regulation of mines and development of minerals within the Indian territory, including those underlying the territorial water bodies, continental shelf and other economic and maritime zones.

Governing Bodies in India Mining Industry

Governing Bodies in India Mining Industry

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India Mining Industry – Mining Laws

The main laws governing the mining industry of India are:

  • Mines and Minerals (Development and Regulation) Act, 2021
  • Mineral Conservation and Development (Amendment) Rule, 2021
  • The Coal Mines (Special Provisions) Act, 2015
  • Coal Block Allocation Rules, 2020
  • National Mineral Policy, 2019

 Mining Laws in India Mining Industry

Mining Laws in India Mining Industry

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India Mining Industry – Taxes and Royalties

The main taxes applicable in the India mining industry are Royalty Taxes, Coal and Lignite Royalty Rates, West Bengal, 2023, Coal and Lignite Royalty Rates (Excluding West Bengal), 2023, and Mining Concession Fees, 2023.

Royalty Taxes: India has different royalty rates for different commodities but the same concession fees and dead rents across the country. The Indian government has initiated a new tax structure, goods and services tax (GST), with different slabs.

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Recent Development

  • Amendment to Second Schedule to the MMNDR Act, 2021: In March 2022, the Union cabinet approved the proposal to amend the Second Schedule to the MMNDR Act, 2021 to set royalty rates for specific minerals, including potash, emerald, and platinum group metals. The decision would allow for the first time in the country the auction of mineral blocks relating to glauconite, potash, emerald, platinum group metals, andalusite, and molybdenum, lowering imports and creating opportunities in the mining and manufacturing sectors.

Scope

The report focuses on the mining fiscals’ key aspects such as governing bodies, laws and regulations, governance frameworks, and sustainability practices. The report also includes mining-related taxes and royalties.

Reasons to Buy

  • To help businesses navigate the complexities and comply with the necessary requirements.
  • Obtain up-to-date information on mining sector taxes and payments.
  • Enhance your decision-making capability in a more rapid and time-sensitive manner.
  • Conduct analysis to mitigate the impact of regulatory changes.
  • Understand the regulatory framework.
  • Gain an overview of the mining industry structure by identifying the country’s mining governing bodies, major laws, and licenses.

Table of Contents

Executive Summary

Country Overview

Mineral Overview

Governing Bodies

Mining Laws, Rights and Obligations

Taxes and Royalties

Sustainable Mining Practices

Appendix

Abbreviation

Table

Table 1: Royalty taxes, 2022

Table 2: Coal and lignite royalty rates, West Bengal (₹/t), 2022

Table 3: Coal and lignite royalty rates (excluding West Bengal) (₹/t), 2022

Table 4: Mining concession fees, 2022

Table 5: Annual dead rent rates per hectare (₹/Ha), 2022

Table 6: Iron ore export tax, 2022

Figures

Figure 1: Country overview, 2022

Figure 2: Nominal GDP (US$ Billion) and Real GDP Growth Rate (%), 2001–21

Figure 3: Mineral exports and FDI in mining, FY2016—21

Figure 4: Corruption Perception Index, 2015–21

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