Indian Oil, Odisha govt find middle ground on Paradip Refinery tax dispute

Naveen, Dharmendra hold talks in Delhi

Naveen, Dharmendra hold talks in Delhi

Bhubaneswar: Ongoing dispute between Odisha Government and Indian Oil Corporation Limited (IOCL) was resolved on a mutual agreement basis.

Agriculture Minister and state BJD Vice-President Damodar Rout had expressed his displeasure over the New Delhi meeting between the two leaders fueling bitter war of words with the BJP.

Pradhan was of the view that though the state had extended the tax concession in 2004, there was a necessity of finding an amicable solution to the present impasse keeping in view the fiscal health of the state and the commercial interest of the IOCL.

Among others, the State's Chief Secretary, Development Commissioner and Finance Secretary and the Petroleum Ministry Secretary and the IOCL Chairman were present at the meeting.

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On reports of internal squabbles within his camp, he said it is not true and there was no misunderstanding in the AIADMK. The leaders of both the factions, however, started to leave the venue, hinting towards a disruption of the talks again.

"This would give a substantial amount of additional #revenue (Around 1500 crs per year) to the state of #Odisha".

The breakthrough came after Pradhan met Odisha Chief Minister Naveen Patnaik here yesterday.

The Odisha government, which agreed to waive interest/penalty for the Value-Added Tax withheld by IOCL, will provide interest free loan to IOCL for the financial year 2016-17 and three quarters of financial year 2017-18 by December, 2017, January 2018 and every quarter thereafter.

As per the agreement, Odisha offered for a Viability Gap Funding (VGF) of Rs 700 crore per annum as interest free loan for 15 years. Repayment will start in the 16th year from each instalment.

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"This is a historic day for people of #Odisha; dwellers of the state have got their dues without spoiling the industrial atmosphere of the state", he added.

The VAT collected and not paid for the years 2015-2016, 2016-2017, 2017-2018 will be deposited by Indian Oil immediately.

A joint petition will be filed in Orissa High Court by the two parties informing the Court about the agreement.

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