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India : Essar Oil allowed to pay sales tax dues of Rs.5,165 crore in stages.

The Supreme Court, passed the judgment ending Gujarat sales tax case involving Essar Oil, ordered Essar Oil to pay the balance sales tax dues of Rs.5,165 crore in eight quarterly instalments spread over two years beginning January 2, 2013.

Rs.1,800 crore, which is interest part of demanded by Gujarat Government for the period up to January 17, 2012, has been dismissed by the Supreme Court.

On interest for the period beyond January 17, 2012, the court has directed the payment at the rate of 10 per cent per annum against 18 per cent as demanded by Gujarat. With this, the whole matter of Gujarat sales tax payment by Essar Oil has come to conclusion, Essar Oil said in a statement.

Essar Oil was entitled to avail itself of sales tax deferment scheme, as Supreme Court had, on January 17, set aside the judgment of the Gujarat High Court.

Of the total sales tax dues of Rs.6,169 crore, it had already paid Rs.1,004 crore.

2012 Al Bawaba (Albawaba.com)

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Publication:Mena Report
Geographic Code:9INDI
Date:Sep 15, 2012
Words:184
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