Indian Oil Corp. has plans for making over Rs50,000 crore of investments in Odisha, including expansion of the Paradip refinery and a petroleum coke gasification and downstream product manufacturing capacity. Photo: BloombergNew Delhi: The Odisha government has withdrawn a promised 11-year value added tax (VAT) break to Indian Oil Corp.’s Paradeep refinery, saying the incentive affects the state’s revenue collections. “A working group with the secretary in the ministry of petroleum and natural gas, chairman of Indian Oil Corp. and chief secretary of Odisha government as members is looking into this matter. The company has plans for making over Rs50,000 crore of investments in Odisha, including expansion of the Paradip refinery and a petroleum coke gasification and downstream product manufacturing capacity. VAT liability on petroleum products sold in the state was around Rs1,650 crore in 2015-16, out of which Indian Oil claimed Rs180 crore deferment.

Source: Mint February 27, 2017 19:18 UTC