Indian Oil Corporation pays Rs 2,935 crore to Odisha govt as VAT
New Delhi: Indian Oil Corporation today twitted that it has paid Rs 2,935 crore to the Government of Odisha towards value-added tax (VAT) payment for the period from November 2015 to July 2017 for the Paradip Refinery.
The development was a follow-up of the meeting between Odisha Chief Minister Naveen Patnaik and Union Petroleum Minister Dharmendra Pradhan was held in New Delhi last month. Both were agreed to resolve the issue very soon.
The state government had agreed to extend the deferment of VAT on products produced by Paradip Refinery and sold in the state from 11 to 15 years but with a cap of Rs 700 crore per year.
Indian Oil has invested over Rs 40,000 crore in Paradip Refinery and allied facilities. The Refinery had commenced commercial operations in November 2015 in the state.