In a major relief to government-run Oil and Natural Gas Corporation, the Gujarat High Court has upheld its plea in a dispute with the state which had demanded value added tax (VAT) dues of around Rs 1,000 crore. A division bench of Justices Akil Kureshi and V M Pancholi passed the order.
The High Court held that the State government was entitled to recovering VAT on the basis of subsidised rates and not on the basis of original rates of the petroleum products sold by ONGC. The dispute was about whether the State VAT department can recover the tax on the basis of the actual realisation rates. The PSU approached the High Court after the VAT Tribunal here dismissed its plea. In 2009, the central government directed ONGC to supply certain products to OMCs at subsidized rates.
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