.. Odisha Govt Issues Show-cause To Iocl
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25 Jan 2017

Summary

  • The State Government has issued a show-cause notice to the Indian Oil Corporation Limited (IOCL) asking it to reply as to why the provision of deferment of sales tax on the Paradip Refinery's finished products payable to the State exchequer would not be withdrawn in the public interest.The Finance Department has issued the notice.As per the MoU signed between the Odisha Government and the IOCL, the State was to provide fiscal incentive in shape of interest-free loan equivalent to sales tax on the finished products during the first 11 years.In order to have employment opportunities for youths and econonomic development of the State, such incentive was granted to the 9-MMTPA project. Howe......

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