KalingaTV News Network
New Delhi: Indian Oil has paid Rs. 2,935 crore to the Government of Odisha towards value added tax (VAT) payment for the period November 2015 to July 2017. The Refinery had commenced commercial operations in November 2015.
The development was a follow up of the meeting between the Chief Minister of Odisha Naveen Patnaik and the Union Minister for Petroleum and Natural Gas Dharmendra Pradhan held in the national capital last month to resolve the pending issue between Indian Oil and the State government.
IndianOil pays Rs. 2935 crore to Odisha Govt. towards VAT payment of Paradip Refinery. Read more https://t.co/nUflwLkb3z @dpradhanbjp
— Indian Oil Corp Ltd (@IndianOilcl) September 19, 2017
This marks the resolution of the issue of VAT deferment for IndianOil's Paradip Refinery in Odisha. https://t.co/nUflwLkb3z @dpradhanbjp
— Indian Oil Corp Ltd (@IndianOilcl) September 19, 2017
The Government of Odisha 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.
Petroleum minister Dharmendra Pradhan said that the new arrangement will give a big boost to industrial growth in Odisha.
Indian Oil has invested over Rs. 40,000 crore in Paradip Refinery and allied facilities. It is the single largest investment by a corporate in Odisha.
Ms Kalinga AI