Bringing key petroleum products in the ambit of the Goods and Services Tax, easing licensing needs and taxation for upstream projects, enhancing third-party access to gas pipelines and helping in faster execution of city gas projects to stimulate gas demand in the country would be some of the key measures the new government may want to consider to energise the hydrocarbon sector.
At the top of the industry wishlist is the inclusion of petrol, diesel, aviation fuel, crude oil and natural gas into the ambit of Goods & Services Tax. “I will definitely be happy if GST Council and the government consider this reform,” HPCL chairman MK Surana said.
“We don’t get input tax credit as companies in other sectors do. So that’s definitely a loss to that that extent,” he said. Read More