Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) will contest tax authorities demand for over Rs 4,000 crore in excise duty on ethanol used for doping petrol, as the sugarcane extract for mixing in fuel is exempt from tax.
The Director-General of GST in Pune has slapped the company, with a tax demand of Rs 4,002 crore for alleged non-payment of excise duty on ethanol mixed in petrol. HPCL has been asked to pay over Rs 346 crore.
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.