The steady stream of revenue form the oil & gas sector appears to have discouraged state governments from bringing the sector under the Goods & Services Tax (GST) regime, according to Partner at Deloitte India Debasish Mishra. Speaking to the Economic Times, Mishra stressed that applying GST to the sector is crucial for its long-term welfare.
Two major issues currently plaguing India’s oil sector, according to Mishra, are sub-par levels of infrastructure and a lack of affordability. Oil and gas production across the globe is undergoing technological advancement, an area where the Indian industry requires considerable investment.
According to Mishra, the government is engaged in solving the infrastructure investment and availability issue. This is exemplified by the $60 billion that is currently earmarked to be invested in the gas segment. A City Gas distribution network currently being developed is set to distribute oil to as much as 70% of the population in India. Read More
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