Retro or prospective? SC reserves order on states' power to tax mining companies

A nine-judge Supreme Court bench reserved its decision on applying last week's judgment on states' power to tax mines and minerals rights retrospectively or prospectively. The Solicitor General Tushar Mehta warning of potential economic impact amounting to Rs 70,000-80,000 crore on public sector undertakings. He argued against mineral-rich states seeking refunds, highlighting the broad impact on various sectors and the potential burden on consumers if payments are made retrospectively.