BPCL To Appeal Rs 18.17 bn Excise Demand

26 Feb 2026 CW Team

State-run refiner Bharat Petroleum Corporation Limited (BPCL) has received an excise duty demand of Rs 1,816.65 crore, equal to 18,166.5 million (mn) or 18.17 billion (bn), from the Commissioner of Central Tax and Central Excise, Kochi, over valuation disputes at its Kochi refinery. The order, dated 21 February 2026, covers transactions from September 2004 to May 2010. The company disclosed the receipt of the order and said it will challenge the demand.

The demand comprises excise duty of Rs 476.94 crore, interest of Rs 1,339.70 crore and a penalty of Rs 95,000, which correspond to 4,769.4 million (mn) or 4.77 billion (bn) and 13,397.0 million (mn) or 13.40 billion (bn) for the tax and interest components respectively. The penalty is administrative and small compared with the tax and interest.

The demand arises from 19 show cause notices under the Central Excise Valuation Rules, 2000, relating to Kochi Refineries Limited, later merged with BPCL. The adjudicating authority held that BPCL and Kochi Refineries Limited were related persons and disallowed the transaction value adopted by the company, applying valuation on the basis of the highest fortnight price across clearances rather than BPCL's method. BPCL had used the highest quantity depot price after the merger, which the authority rejected.

BPCL said it will analyse the order and file an appeal before the Customs, Excise and Service Tax Appellate Tribunal and did not disclose any provision in its accounts or a timeline for the appeal. The matter will proceed through the appellate process and the outcome may affect the company, including potential accounting adjustments, investor sentiment and regulatory scrutiny. The company will pursue legal channels to seek a resolution and will continue to monitor developments.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..