Oil India Ltd net profit drops 81% on tax provisioning
Oil India Ltd (OIL), the nation's second biggest state-owned explorer and producer of oil and natural gas, made a provision of Rs 2,655.57 crore towards a disputed GST liability.
Oil India has disputed the tax demand and has moved the Gauhati High Court. The court granted a stay on the GST on royalty payments until further orders, image- Reuters