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The government on Thursday rationalised the tax rates on upstream oil and gas operations. An official statement said this has been done to reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and the downstream sector.
The GST Council at its 22nd meeting held on October 6 had made recommendations for GST rate structure, the statement added. Following the decision, offshore works contract services and associated services relating to oil and gas exploration and production in offshore areas beyond 12 nautical miles shall attract GST of 12 per cent.
Transportation of natural gas through pipelines will attract GST of 5 per cent without input tax credits (ITC) or 12 per cent with full ITC.
The import of rigs and ancillary goods imported under lease will be exempted from IGST, subject to payment of appropriate IGST on the supply/ import of such lease service and fulfilment of other specified conditions, the statement added.
The GST rate on bunker fuel is being reduced to 5 per cent both for foreign-going vessels and coastal vessels.
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