GST rate structure for Petroleum and Oil Sector

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..... GST rate structure for Petroleum and Oil Sector
GST
Dated:- 11-10-2017

To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude .....

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..... oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on 6thOctober, 2017 has made the following reco .....

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..... mmendations for GST rate structure for Specified Goods and Services: i. Offshore works contract services and associated services relating to oil and gas exploration and production in the offshore are .....

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..... as beyond 12 nautical miles shall attract GST of 12%; ii. Transportation of natural gas through pipeline will attract GST of 5% without input tax credits (ITC) or 12% with full ITC; iii. Import of r .....

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..... igs and ancillary goods imported under lease will be exempted from IGST, subject to payment of appropriate IGST on the supply/import of such lease service and fulfilment of other specified conditions. .....

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..... Further, GST rate on bunker fuel is being reduced to 5%, both for foreign going vessels and coastal vessels. Notifications to give effect to the above proposals will be issued shortly.
News - P .....

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..... ress release - PIB .....

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