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Sixteen companies default Rs 241 cr commercial tax
March, 27th 2012

As many as 16 companies, which had entered into Memorandum of Understanding (MoU) with the government to set up steel, alloy and power projects in the state, have defaulted in payment of commercial tax to the tune of Rs 240.82 crore by the end of 2010-11.

Together, these companies owe Rs 18.54 crore by way of value added tax (VAT), Rs 38.51 crore of Central Sales Tax (CST) and Rs 183.75 crore of entry tax, according to state finance minister Prafulla Chandra Ghadai.

Most of these companies had signed their MoUs between 2004 and 2009 and have gone into partial production since.
The single biggest defaulter among these 16 companies is JSL Ltd whose overall tax arrears stand at Rs 108.53 crore. This includes Rs 83.18 crore of entry tax and CST dues worth Rs 83.18 crore.

Next to JSL is Bhushan Steel, whose entry tax dues have mounted to Rs 67.48 crore during 2007-08 to 2010-11.

Other companies in the defaulters list are Maithan Ispat Ltd (Rs 1.41 crore), Sree Metaliks Ltd (Rs 1.27 crore), BRG Iron & Steel Company Ltd (Rs 6.57 crore), Naveram Power & Steel Ltd (Rs 4.96 crore), Deepak Steel & Power Ltd (Rs 23 lakh), Crackers India (Alloys) Ltd (Rs 2.78 crore), Jain Steel & Power Ltd (Rs 2.88 lakh), Bhushan Power & Steel Ltd (Rs 96.72 lakh), Rathi Steel & Power Ltd (Rs 15.30 lakh), Shyam Metalics Energy (Rs 3.13 crore), Patnaik Steel & Alloys Ltd (Rs 12.55 crore), Maheshwari Ispat Ltd (Rs 4.91 crore), Jindal Steel & Power Ltd (Rs 23.03 crore) and Aarati Steel Ltd (Rs 2.47 crore).

In toto, 33 MoU signed companies have paid commercial taxes (VAT, CST and entry tax) worth Rs 96.40 crore in 2007-08, Rs 84.88 crore in 2008-09, Rs 120.02 crore in 2009-10 and Rs 173.20 crore in 2010-11.

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