Essar moves SC over review of sales tax order

Feb 16, 2012 |

New Delhi

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Essar Oil on Thursday said it has filed a petition in the Supreme Court seeking a review of the apex court's decision setting aside a ruling of the Gujarat High Court that allowed the company to defer payment of sales tax to the state government.

In a press statement Essar said, "It has filed a petition in the Supreme Court seeking a review of the apex court's decision relating to repayment of deferred sales tax."

On January 17, 2012, the Supreme Court had set aside a Gujarat High Court judgement permitting Essar Oil to avail of a sales tax deferral benefit from the Gujarat Government.

Sales tax due to be paid in installments was about Rs 6,300 crore as of December.

Subsequent to the ruling, the Gujarat government asked Essar Oil to repay about Rs 6,300 crore sales tax plus interest accrued.

Essar Oil, which is 87 per cent owned by London-listed Essar Energy Plc, has "already made provision for repaying part of the sales tax deferment liability. This liability has been assigned to a third party," the company had stated on January 31.

The company on Thursday said the Gujarat High Court in an earlier order had extended time to Essar Oil for commencing commercial production at the Vadinar Refinery, thus making the company eligible to avail of Gujarat state's Capital Investment Incentive to Premier/Prestigious Unit Scheme, 1995-2000.

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