Oil & Natural Gas Corporation Limited has informed the Exchange about Disclosure of event or information under Regulation 30 of SEBI (LODR) Regulations, 2015
ONGC · price
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Awaiting price reaction for this filing.
ONGC has received a common order dated 22.07.2025 from the Commissioner of CGST & Central Excise, Navi Mumbai Commissionerate, raising a service tax demand of about Rs. 111.55 crore in total — Rs. 45.15 crore for the period April 2006 to May 2007 under 'Survey & Exploration of Mineral, Oil or Gas' and 'Support Services' categories, and Rs. 66.40 crore for May 2006 to May 2007 under 'Support Services of Business or Commerce'. Along with the tax demand, interest and penalties equal to the tax amount have also been levied under the Finance Act, 1994. ONGC disputes the demand, arguing the services were performed beyond 12 nautical miles (outside India's taxable territory) and should be classified under 'Mining Services', which were not taxable during that period. The company has stated the impact is not significant given its scale and plans to file an appeal with CESTAT, Mumbai within three months.
The tax demand is small relative to ONGC's overall size and operations, so the near-term financial impact is limited. However, if the appeal fails, the combined tax, interest, and penalty could materially affect earnings; until clarity emerges from CESTAT, this is a litigation overhang rather than an immediate hit.