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 received an order on June 26, 2025, from the Principal Commissioner of CGST & Central Excise, Mumbai South, raising a demand of Rs. 124.98 crore in OID Cess for June 2023, along with a penalty of an equal amount (Rs. 124.98 crore) and applicable interest, taking the total potential exposure to roughly Rs. 250 crore plus interest. The dispute stems from ONGC paying OID Cess between October 2022 and May 2023 based on the higher Indian Crude Basket Price, and then adjusting the excess amount against its June 2023 payment. The tax authority treats this as a short payment for June 2023, while ONGC maintains that the cess was fully and correctly remitted and no interest or penalty is warranted. The company has stated it will file an appeal before CESTAT, Mumbai within the stipulated three-month window and that the financial impact is not material given the size of its operations.
The demand of around Rs. 250 crore plus interest is small relative to ONGC's overall scale, so the direct financial hit is limited and unlikely to move the stock sharply. However, an adverse ruling from CESTAT could set a precedent on cess adjustment methodology and create short-term uncertainty around the stock.