GST rate structure for Petroleum and Oil Sector after recommendations of GST Council as per its 22nd meeting held on 6th October, 2017
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 downstream sector, the GST Council in its 22nd meeting held on 6thOctober, 2017 has made the following recommendations for GST rate structure for Specified Goods and Services:
i. Offshore works contract services and associated services relating to oil and gas exploration and production in the offshore areas beyond 12 nautical miles shall attract GST of 12%;
ii. Transportation of natural gas through pipeline will attract GST of 5% without input tax credits (ITC) or 12% with full ITC;
iii. 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.
Further, GST rate on bunker fuel is being reduced to 5%, both for foreign going vessels and coastal vessels.
Notifications to give effect to the above proposals will be issued shortly.
Engagement of 'Young Professional' in the office of the PCCT Bihar & Jharkhand Engagement of 'Young Professional' in the office…
CGPDTM invites applications for hiring contractual manpower and Young Professionals The Controller General Patents, Designs & Trade Marks has invited…
Sundry creditors outstanding in books can’t be treated income u/s 41(1) merely because recovery was barred by limitation - ITAT…
For claiming exemption u/s 11, assessee is required to furnish return of income within time allowed u/s 139 and not…
FAQs on amendment proposed to rates of Tax Collection at Source u/s 394(1) of the Income-tax Act, 2025 Income Tax…
FAQs on amendment proposed in Updated return provisions under section 263(6) of Income Tax Act 2025 by Budget 2026-27 Income…