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India To Amend GST Rates On Oil, Gas Industry

by Mary Swire, Tax-News.com, Hong Kong

11 October 2017


India's Goods and Services Tax Council has proposed new GST rates for the oil and gas industry.

India's Ministry of Finance announced on October 11 that action will be taken to reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, Aviation Turbine Fuel (ATF), natural gas, and crude oil in the GST base. The changes are intended incentivize investments in the exploration and production and downstream sectors.

The GST Council meeting on October 6 proposed that:

  • Offshore works contract services and associated services relating to oil and gas exploration and production in the offshore areas (beyond 12 nautical miles) should face a GST rate of 12 percent;
  • Transportation of natural gas through pipelines should attract GST of five percent without input tax credits or 12 percent with eligibility to input tax credits;
  • Imports of rigs and ancillary goods imported under lease will be exempted from GST, subject to payment of appropriate GST on the supply/import of such lease services.
  • Further, the GST rate on bunker fuel is being reduced to five percent, both for foreign-going vessels and coastal vessels.

The Ministry of Finance said it would issue notifications to give effect to the proposals shortly.

TAGS: tax | marine | India | goods and services tax (GST) | oil and gas | services

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Oilgaztreyd LLC has been in business of production, marketing and exporting of all petroleum and petrochemical products for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction. We have never compromised on the quality and the services provided to the customer. We believe in keeping the customers happy and providing them with products at a very competent price. We have an excellent staffs who will guide you with their best ideas by keeping in constant touch with your company and informing about the market trends. We are also interested to establish a mutual business relationship with buyers, facilitators and resellers all over the world with basic aim of supplying them with our products such as follow D2, jetFuel A1,JP54,Mazut M100,D6,Base Oil and Bitumen.

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Regards,
Julian Alessandov
Email:oilandgaztreyd@mail.ru
Email:oilandgaztrey@yandex.ru

Julian Alessandov on Friday, November 17, 2017

 






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