Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

Budget proposals 2015-16 for Petroleum & Natural Gas sector

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Budget proposals 2015-16 for Petroleum & Natural Gas sector - Budget Dated:- 3-3-2015 - News - Various proposals have been made in the Budget 2015-16 which would lead to greater stability, clarity and continuity in the economy and the petroleum and natural gas sector. Subsidies will continue so that there is no adverse impact on the general public. As stated by the Finance Minister, the Gov .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ernment is committed to the process of rationalizing subsidies and cut leakages, not cut subsidies. Adequate funds have been provided for LPG and kerosene subsidies. Finance Minister appealed to the well off strata, including those concerned for the welfare of the poor, to voluntarily give up subsidy on LPG. In context of rationalization and targeting of LPG subsidy, it was highlighted that un .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... der DBTL ₹ 6335 crore have been transferred to over 11.5 crore beneficiaries. There is revision in specific rates of excise duty on petrol and diesel only to the extent of subsuming the quantum of education cess levied, keeping the total incidence of excise duty unchanged. Further, the effective rates of additional excise duty levied on petrol and diesel is proposed to be increased from .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ₹ 2 per litre to ₹ 6 per litre to fund investment in roads and other infrastructure to the extent of ₹ 40,000 crore. In order to ensure energy security in the country, strategic crude oil underground storage reserves of 5.33 MMT are being set up by Indian Strategic Petroleum Reserves Limited (ISPRL) at Visakhapatnam, Padur and Mangalore. An amount of ₹ 2,400 crore has b .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... een provided under the Plan head in 2014-15 (RE) for filling crude oil in the caverns. An amount of ₹ 72589 crore is proposed to be allocated in 2015-16 as Plan capital expenditure by oil and gas Central public sector enterprises from the internal and extra budgetary resources (IEBR) of the companies for projects for exploration and production, refining marketing, petro chemicals and e .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ngineering. It has been proposed to reduce the rate of corporate income tax from 30% at present to 25% in the next 4 years. It is expected that this would lead to higher investment and growth in the sector. In order to boost investment in infrastructure, a National Investment and Infrastructure Fund is being established. The PPP mode of infrastructure development would be revitalized. It i .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s expected that this would invite investment for the petroleum and natural gas sector. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates