TMI BlogGST rate structure for Petroleum and Oil SectorX X X X Extracts X X X X X X X X Extracts X X X X ..... GST rate structure for Petroleum and Oil Sector - Goods and Services Tax - GST Dated:- 11-10-2017 - News - To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , natural gas and crude 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made the following recommendations for GST rate structure for Specified Goods and Services: i. Offshore works contract services and associated services relating to oil and gas exploration and prod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uction in the offshore areas 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... full ITC; iii. Import of rigs 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of other specified conditions. 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 wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be issued shortly. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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