ONGC sticks to old tax regime for MAT credit

CHENNAI: State-run oil explorer Oil and Natural Gas Corporation (ONGC) has stuck to paying taxes under the old corporate tax regime due to a “substantial” amount of unutilised MAT tax credit available.

A switch to the new tax regime, which offers a corporate income tax rate of 22 per cent, would require the company to give up this accumulated tax credit since they cannot be carried over into the new tax regime.