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

COP28 discusses climate resilient development in Himalayas

Impacts and implications of Climate Change Vulnerability in the Himalayan Region and ways of creating ‘Climate Resilient Development in Indian Himalayan Region by making mountain communities green and resilient were discussed the side event hosted at the India pavilion at the UN Climate Conference CO

Air Pollution: What needs to be done to tame the silent killer

Air pollution in Delhi has been in headlines, as every year in recent times. Mumbai too has suffered from air pollution, despite being a coastal city. Apart from many other metros such as Bangalore and Kolkata, tier-I and -II cities and rural areas also have high pollution levels. Every year reports and st

Free food grains for 81.35 cr beneficiaries for five years

The central government will provide free food grains to about 81.35 crore beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for a period of five years with effect from January 1, 2024, the cabinet decided on Wednesday. Terming it as a “historic decision”, a

“I wrote ‘Survival at Stake’ to provide food for thought about solutions”

Survival at Stake: How Our Treatment of Animals Is Key to Human Existence By Poorva Joshipura HarperCollins, 328 pages, Rs 499 With science now recognising animal consciousness, intelligence, emotion, and even morality, there must rise an awareness of

‘Bon Voyage’ through the Arctic: Exploring new horizons for India

India`s tryst with trade through the Arctic regions, including the Northern Sea Routes (NSR), has become an impact-making endeavor recently. The Arctic of yore is now a pivot – point of geopolitics, of climate change discussions, and for economic opportunities; 40% of oil and gas reserves said to be

Demystifying Contemporary Finance Theory and other lessons in investment

Investing Decoded: Simple Path To Building A Portfolio In Millions By Anirudh Rathore Penguin India, 320 pages, Rs 499

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter