'Atmanirbharata' in coal sector: PM to address mining auction launch event

President, FICCI, Dr Sangeetha Reddy, Chairman Vedanta Group Anil Agarwal and Tata Sons Chairman N Chandrasekharan will also speak during the event.

Prime Minister Narendra Modi will address the launch event of the auction of 41 coal mines for commercial mining on Thursday outlining his vision for the country to achieve self-reliance in the mining sector which is the key source of input for many basic industries like power, steel, aluminium and sponge iron.

A PMO release said that the Ministry of Coal in association with FICCI is launching the process for auction of 41 coal mines under the provisions of CM (SP) Act and MMDR Act to achieve self-reliance in the coal sector.

It said that the auction process marks the beginning of the opening of the Indian coal sector for commercial mining and it will enable the country to achieve self-sufficiency in meeting its energy needs and boost industrial development.

The commencement of the auction process of coal mines for sale of coal is part of the series of announcements made by the Centre under the Atmanirbhar Bharat Abhiyan.

"This landmark step is expected to boost private participation which will increase production, induce competition, enhance productivity by facilitating use of latest equipment, technology and services through higher investments, pave way for sustainable mining and creation of avenues for more employment generation in the backward regions of the country," the release said.

With the launch of commercial mining, India has unlocked the coal sector fully with opportunities for investors related to mining, power and clean coal sectors, the release said.

Industry urges FM Nirmala Sitharaman to change tax settlement scheme

Sources in Ficci say the lacuna of the scheme is that 100% of the disputed tax has to be paid.

Industry on Monday asked Finance Minister Nirmala Sitharaman to tweak the Bill on settling direct tax disputes by reducing the amount of tax under the scheme on the lines of a similar one for indirect taxes announced in the previous Budget.

Sitharaman on Monday met industry representatives on the scheme that provides opportunity to taxpayers to pay outstanding taxes and get waiver of interest and penalty.

Sources in the Federation of Indian Chambers of Commerce and Industry (Ficci) said the main lacuna of the scheme was that 100 per cent of the disputed tax had to be paid.

On the other hand, a similar scheme to settle pre-GST excise and services tax dispute had a provision to reduce tax liability by half.

The chamber recommended that reduction of tax should also be provided under the direct tax scheme.

The Direct Tax Vivad se Vishwas Bill offers waiver of interest, penalty and prosecution for settlement of these disputes pending before the commissioner (appeals), Income Tax Appellate Tribunal (ITATs), high courts or the Supreme Court as of January 31.

While a complete waiver of interest and penalty will be given in case of payment made by March 31, an additional 10 per cent of the disputed amount will have to be paid after that.

Separately PHD Chamber of Commerce President D K Aggarwal in a statement said that the last date for the scheme should be extended by a month till April 30.

The scheme “will benefit many taxpayers and can generate more than Rs 2 trillion for the government in the coming times if it is broadened and exclusions are minimum under this scheme,” said Aggarwal.