IOCL pays ₹2,935 cr as VAT to Odisha

Governance Now - - EMPOWERMENT -

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.

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