Goa govt eyes Rs 240 crore through renewal of mining leases

Goa government plans to collect a total revenue of Rs 240 crore in the form of stamp duty by renewing mining leases in the state, of which, Rs 116 crore have been mopped up last week, a senior official said.
In the first lot of renewals of nine mining leases belonging to seven companies, the state government has collected Rs 116 crore. Of the total nine mining leases, seven paid the amount, while two companies asked for some extra time.
But the Mines and Geology Department issued fresh notices to seven more mining leases owned by five different mines, asking them to pay the stamp duty, which collectively amounts to Rs 123 crore.

Assistant Director of the Mines Department Parag Nagarcekar said that the companies have to pay the stamp duty by March 7.
The Goa government had amended the Stamp Duty Act recently charging 15 per cent duty on the amount of projected royalty for over 20 years.
Leases of all the mines had expired in 2007 and were pending for renewal. The stamp duty is now charged while renewing their applications.

The first lot of notices was issued in the second last week of February, giving them a deadline of February 28 to pay the stamp duty.
Nagarcekar said that two companies M/s V M Salgaoncar having two leases (Rs 5.70 crore and Rs 3.95 crore respectively) and Sesa Goa with one lease ((Rs 46 crore), have requested additional time to pay the stamp duty.

The state government, which has lost a revenue of Rs 650 crore due to ban on the mining activity in Goa. It is trying to compensate for the loss through the stamp duty collection.