Cash-strapped Indian Oil Corp will have to pay over Rs 979 crore (Rs 9.79 billion) in unpaid entry tax to Uttar Pradesh government in the next two weeks after the Supreme Court asked the company to deposit half of the unpaid liability in cash.
IOC had challenged the Uttar Pradesh government decision to levy a $5.78 per barrel entry tax on crude oil the company imported into the state for processing at its eight million tonnes per annum refinery at Mathura in the Allahabad High Court.
"The High Court of Allahabad (on December 23, 2011) dismissed IOC's writ petition and upheld the UP Entry Tax Act 2007, whereby the state of Uttar Pradesh was entitled to levy entry tax on crude oil brought into Mathura for refining in the Mathura refinery," IOC said in a stock market filing.
Subsequently, IOC challenged the High Court order in the Supreme Court.
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Cash-strapped Indian Oil Corp will have to pay over Rs 979 crore (Rs 9.79 billion) in unpaid entry tax to Uttar Pradesh government in the next two weeks after the Supreme Court asked the company to deposit half of the unpaid liability in cash.