IOC PAYS `2,935 CR TO ODISHA GOVT TO RE­SOLVE TAX IS­SUE

Resource Digest - - NEWS IN BRIEF -

State-owned In­dian Oil Corp (IOC) said it has paid Rs 2,935 crore to the Odisha gov­ern­ment as part of the set­tle­ment reached to get back part of the tax in­cen­tives for the Paradip re­fin­ery project in the state.

Last month, the state gov­ern­ment agreed to give Rs 700 crore per an­num of in­ter­est-free loan for 15 years to IOC to make up for the with­drawn in­cen­tive of 11-year de­fer­ment on pay­ment of sales tax (VAT) on Paradip re­fin­ery prod­ucts sold in the state.

This es­sen­tially meant IOC would pay VAT on fuel sold in the state and in re­turn would get an in­ter­est-free loan.

In keep­ing with the scheme, “IOC has paid Rs 2,935 crore to the Gov­ern­ment of Odisha on Tues­day to­wards VAT pay­ment for the pe­riod Novem­ber 2015 to July 2017,” the com­pany said in a state­ment here.

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