The Ministry of Petroleum and Natural Gas is going to propose extending tax concessions and reducing the oil cess for supporting the Covid-hit domestic oil and gas sector.
A statement from the Associated Chambers of Commerce and Industry of India (Assocham) quoting Tarun Kapoor, Secretary, Ministry of Petroleum and Natural Gas, said, “The Petroleum Ministry will also provide whatever relief such as extending timelines, try and reduce penalties wherever possible and take other such measures.”
Kapoor was speaking at a webinar organised by Assocham on ‘Atmanirbhar Bharat – Role of Oil and Gas Sector’.
Commenting on the opportunity for new players, Kapoor said, “As far as gas is concerned, the Petroleum and Natural Gas Regulatory Board (PNGRB) is coming out with policy wherein the new players can enter and use 25 per cent of the infrastructure in areas from supplying to commercial and industrial where the market exclusivity has ended.”
Talking about the inclusion of natural gas in the Goods and Services Tax (GST), Kapoor said that while the government is looking at bringing natural gas under the GST at the earliest, it needs the support of States before placing the matter to the GST council.