ONGC Gets ₹1.25 Billion Demand Notice For Oil Cess, Plans To Appeal

Oil and Natural Gas Corp. Ltd. has received a demand notice for ₹1.25 billion towards oil industry development cess from the Principal Commissioner of CGST & Central Excise, Mumbai South, the company said in an exchange filing Friday.

ONGC said it had paid cess from October 2022 to May 2023 based on Indian crude basket prices, which were higher than actual transaction values. The company later adjusted the excess payment against its June 2023 dues.

Calling the amount "not significant", ONGC said it plans to appeal before the Central Excise and Service Tax Appellate Tribunal within the permitted three months.