Coal News We love to talk!
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.
- Government to consider diesel deregulation and price cut Read more
- Mozambique gas deal: How India can take on China in big oil and Africa Read more
- CIL hikes prices of non-coking coal, gets thumbs up from street Read more
- Why diesel & kerosene are a drag on state oil companies' finances Read more
- Govt taxing poor by raising oil prices: Congress Read more
- Oil collapse, project delays force ONGC to cut capex by Rs 4,800 crore Read more
- No going back on Cabinets gas pricing decision: Moily Read more
- Government restarts hunt for Oil India chairman Read more
- OVL wary of US shale assets over presence in sanction-hit countries Read more
- Charotar Gas gets conditional approval to continue operations Read more