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

Tech firm, telcos prepare to enter 5G era

As the government is set to roll out the 5G spectrum auction, the network providers are also equipping 5th generation network-ready LTE technology.  According to the government, the technology would have an impact of more than $1 trillion on the Indian economy. It is also expected to transform educati

On a personal note: Rabbi Shergill

Punjabi singer, songwriter, and guitarist, Rabbi Shergill rose to fame in 2004 with his chartbuster song ‘Bullah Ki Jaana’ from his debut album ‘Rabbi’. Inspired by rock and Punjabi folk music, he uses Punjabi language to create acoustic rock-based ballads. His poetic and social

NALCO registers Rs 589 crore operating profit in Q3 of 2018-19 FY

National Aluminium Company Limited (NALCO), country’s leading manufacturer and exporter of alumina and aluminium, has posted an operating profit of Rs 589 crore in Q3 of 2018-19 FY, registering 80 percent growth over the same period of last year.   Net profit of the company

Many electronic companies still have no take-back system: Report

In 2016, 44.7 million tonnes of e-waste was generated globally which is expected to increase to 52.2 million tonnes in 2021. As of 2016, it was found out that India is the second and fifth highest generator (in Asia and globally respectively) of e-waste with 2 million tonnes. The mounting pile of e-waste h

India’s per capita power consumption likely to grow by two fold, says power minister

Union power minister RK Singh has said the per capita current power consumption of 1,200 units is expected to grow 2-3 times at par with the international consumption after every Indian gets access to electricity. Singh said the power sector is witnessing an increased demand which is further expect

Net profit of Rs 616 crore posted by SAIL in Q3 of 2018-19

SAIL has posted a profit (profit after tax) of Rs 616 crore in Q3 of 2018-19 FY. SAIL has managed to better its performance over the previous quarter as well by more than 11 percent when it stood at Rs 554 crore. The turnover for Q3 FY’19 improved by three percent over corresponding period of

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter