IOCL Paradip refinery biggest gainer of tax sops among new refineries

Sales tax deferment to the IOCL project by Odisha would block Rs 2,000 crore revenue for 11 years

Paradip oil refinery of Indian Oil Corporation (IOCL) is by far the biggest gainer of state-sponsored financial incentives, among all the newly constructed oil refineries enjoying tax sops given by the respective states of their location.

According to a study done by the Odisha government, which is revisiting tax sops to Paradip oil refinery, the sales tax deferment to the IOCL project by Odisha would block Rs 2,000 crore revenue from the sale of refinery's products for 11 years from the date of project's commissioning in 2016.

These are huge compared to incentives provided by other states to some of the recently