IOCL pays VAT of Rs 2,935 cr to Odisha

Indian Oil and Odisha government agreed that Odisha will get regular VAT/GST revenue from IOCL

GN Bureau | September 22, 2017


#Indian Oil   #IOCL   #PSU  

In the resolution of the issue of VAT deferment for Indian Oil Corporation’s (IOCL) Paradip refinery in Odisha, IOCL has made VAT payment of Rs 2,935 crore to Odisha government. The refinery had commenced commercial operations in November 2015.

The recent meeting between Odisha Chief Minister and union minister for petroleum & natural gas helped resolve the pending issue, IOCL stated. Odisha government agreed to extend the deferment of VAT on products produced by Paradip refinery.

Based on the follow-up discussions held in the joint working group comprising officials of petroleum ministry, Indian Oil and Odisha government, it was agreed that Odisha will henceforth receive regular VAT/GST revenue from Indian Oil, out of which Rs 700 crore per annum will be given as interest-free loan to Indian Oil for 15 years.

Indian Oil’s investment of over Rs 40,000 crore in Paradip refinery is the single largest investment by a corporate in Odisha. Further investments are in the offing, including expansion of refining capacity and downstream petrochemical options like polypropylene, mono ethylene glycol, paraxylene, petcoke gasification which will go a long way in the development of Odisha as a petrochemicals hub.
 

Comments

 

Other News

Finding India in films

Manish Sisodia, Deputy CM, Delhi    

Two fold rise in NALCO’s operating profit

NALCO has once again repeated its stupendous performance by registering profit after tax of Rs 687 crore in the first quarter of 2018-19 FY, posting a growth of 167 percent. As compared to the corresponding quarter of the last year, net profit growth has risen by a whopping 433 percent, from

Three ports may acquire stakes of Dredging Corporation of India

Minister of state for shipping, road transport and highways and chemical and Fertilizers Mansukh L Mandaviya recently said the government is considering the proposal of acquiring shares of Dredging Corporation of India by Visakhapatnam Port Trust, Paradip Port Trust and New Mangalore Port Trust based on th

Defence acquisition council okays acquisition plan of 83 LCA Tejas

For production of Light Combat Aircraft (LCA) Tejas, Hindustan Aeronautics Limited has received orders from Indian Air Force for 40 aircraft (20 initial operational clearance (IOC) standard and 20 final operational clearance (FOC) standard). Besides, 40 LCA Tejas, the defence acquisition co

Start-ups and IP: The ‘secret’ formula for success

The term ‘start-up’ allows for a certain leniency in expectations. It refers to a company that is a “a fledgling business enterprise”. A ‘start-up’, as defined by the government in the Start Up India scheme, is entitled to various concessions, including reduced income-ta

Between the devil and the sea

With a coastline over 8,000 km long, India’s coastal zone is endowed with a variety of marine ecosystems which include mangroves, coral reefs, sea grasses, salt marshes, mud flats, estuaries, lagoons, and unique marine and coastal flora and fauna. The Sundarbans, shared between India and Bangladesh,

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter