While the strategic petroleum sector, including oil and gas, continues to remain outside the new GST indirect tax regime that replaced a 70-year-old system, the industry did manage in 2017 to switch over to a new exploration regime that gives producers marketing and pricing freedom.
The petroleum industry has been pushing for its inclusion in the Goods and Services Tax (GST) structure so as not to be deprived of the benefits of input credit — a novel feature whereby goods and service providers get the benefit of input tax credit for the goods used, effectively making the real incidence of taxation lower than the headline rate.
The Centre is keen to bring under GST products like petrol and diesel that generate considerable reveue for the states, which they are loathe to surrender. Finance Minister Arun Jaitley provided this remarkable insight about the functioning of the Council that he heads. Read More…
2017: The Year That Saw Oil, Gas Production Switch To Revenue-Sharing Mode added by newindianexpress.com on
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