Import of oil drilling rigs has been exempted from the Goods and Services Tax (GST) levy to give a boost to domestic exploration and production, the government said today.
Nearly all deepsea drilling rigs are imported while a bulk of ones used in shallow waters to drill wells to probe and produce oil and gas are also of foreign origin.
Petrol, diesel, jet fuel (ATF), natural gas and crude oil have been kept out of the GST regime, resulting in continuation of cascading effect of tax-on-tax.
The issue figured during the meeting Prime Minister Narendra Modi had with CEOs of top international and Indian energy firms on Monday. Read More…
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