Indian Oil Corporation (IOC) has paid Rs 2,935 crore to the Government of Odisha towards VAT payment for the period November 2015 to July 2017. This is 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government agreed to give Rs 700 crore per annum of interest-free loan for 15 years to the company to make up for the withdrawn incentive of 11-year deferment on payment of sales tax (VAT) on Paradip refinery products sold in the state.
Indian Oil Corporation (IOC) is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.