Supreme Court Asked Essar Oil to Pay the Sales Tax Dues in Phases
Ending the Gujarat sales tax case involving Essar Oil, the Supreme Court, which passed the judgment, has directed Essar Oil to pay the balance sales tax dues of ₹ 5,165 crore in eight quarterly instalments spread over two years beginning January 2, 2013.
The Gujarat Government’s demand for ₹ 1,800 crore as interest 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.
The Supreme Court had, on January 17, set aside the judgment of the Gujarat High Court by which Essar Oil was entitled to avail itself of sales tax deferment scheme. Of the total sales tax dues of ₹ 6,169 crore, it had already paid ₹ 1,004 crore.
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