Supreme Court reserves order on whether verdict on states' power to tax minerals will apply retrospectively

The Supreme Court reserved its decision on whether a recent judgment upholding state powers to tax mines and minerals should be applied retrospectively. Solicitor General Tushar Mehta warned that such a move could burden public sector undertakings with Rs 70,000 to Rs 80,000 crore and negatively impact key economic sectors. While some senior counsels feared bankruptcy, representatives from mineral-rich states like Jharkhand and Odisha supported retrospective application, suggesting staggered payments to ease the financial impact. The court is yet to decide on the request for refunds against past levies since 1989.