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Indian Oil pays Rs. 2,935 Cr to Odisha as VAT for Paradip Refinery

KalingaTV News Network

IndianOilNew 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.

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.