Indian Oil Corporation (IOC) reportedly will have to pay Rs 979 bn in unpaid entry tax to Uttar Pradesh by 14 February after the Supreme Court asked the company to deposit half of the unpaid liability in cash.
According to reports, 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 8 million tonnes per annum refinery at Mathura in the Allahabad High Court.