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Time of India
10 hours ago
- Business
- Time of India
Petroleum dept gets 6,315 cr tax breather
Jaipur: The Custom Excise and Service Tax Appellate Tribunal in New Delhi rejected a decision of CGST Jodhpur, providing relief to the state petroleum department in a Rs 6,315 crore service tax case. Principal secretary (Mines and Petroleum) T Ravikanth said the petroleum department effectively advocated and secured the significant relief based on a clarification that states mining rights are not "auxiliary services" and are exempted under the negative list until March 2016. He mentioned that in the guideline issued by Central Board of Indirect Taxes and Customs on June 20, it was stated that mining rights are not ancillary services and are exempted under the negative list. The Central Appellate Tribunal passed this decision, accepting the stand of the state govt. The state receives dead rent and royalty on crude oil and natural gas production and leases in Barmer and Jaisalmer. Jodhpur CGST considered the dead rent and royalty received by the state govt as rent and imposed tax on it along with interest and penalty. tnn
Time of India
4 days ago
- Business
- Time of India
Dist mineral trust fund allocation revised to 70:30
Jaipur: The state govt has notified amendments to the rules governing the District Mineral Foundation Trust (DMFT), revising the fund allocation ratio from 60:40 to 70:30 for development in mining-affected areas. According to the revised provisions, 70% of DMFT funds will be earmarked for high-priority areas such as drinking water supply and purification (including water treatment plants), environmental protection and air pollution mitigation, health infrastructure including silicosis treatment, educational facilities (construction of schools, libraries, toilets, provision of drinking water in schools, sports infrastructure, and e-learning), women and child development (including Anganwadi centres), skill development for local youth, hostels, old-age homes, sanitation, housing, agriculture, and animal husbandry. An official said, "The remaining funds will be used for other priority works, particularly infrastructure development, including roads, bridges, rail and irrigation projects, energy, and watershed-related works. All development works under DMFT will be undertaken within a 25km radius of mining-affected areas." The fund is sourced from 30% of royalties from old major mineral mines, 10% from auctioned major mineral mines, and 10% from minor mineral royalties. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo To ensure better planning and utilisation of DMFT funds, the govt has constituted a district-level governing council chaired by the district collector, with the chief executive officer of the zila parishad as member secretary. Additionally, a state-level monitoring committee has been formed under the chairmanship of the chief secretary, with the principal secretary of the mines department serving as vice-chairperson. "For the first time, a representative from the Union ministry of mines has also been included in the committee," the official added. At both the district and state levels, the committees will also include representatives from relevant govt departments, mine leaseholders, local public representatives, and NGOs. Principal secretary, department of mines and petroleum, T Ravikanth, said, "In districts where DMFT collections exceed Rs 50 crore, a Project Management Unit (PMU) will be established for management, technical support, and planning. Further, 10% of the fund amount will be set aside as an Endowment Fund."
