IOCL pays ₹2,935 cr as VAT to Odisha
To resolve the issue of VAT deferment for indianoil corporation’s Paradip Refinery, IOCL has made VAT payment of ₹2,935 crore to the odisha government. The refinery became functional in November 2015.
The recent meeting between odisha cm naveen Patnaik and petroleum minister dharmendra Pradhan helped resolve the issue. The odisha government agreed to extend the deferment of VAT on products produced by Paradip Refinery. It was also agreed that odisha will henceforth receive regular VAT/GST revenue from iocl, out of which ₹700 crore per annum will be given as interest-free loan to indianoil.