SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 28 Mar, 2017  

Petrol.9.thmb.jpg Petroleum products will come under GST: Minister

Petrol.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 28 Mar, 2017
Petroleum Minister Dharmendra Pradhan on Monday pitched for petroleum products to be included in the purview of the Goods and Services Tax as the GST Bills were tabled in Parliament.

"We expect all petroleum products to be part of GST in a few days. We will push for that," Pradhan said at the contract signing ceremony here for winners of the auction of discovered small fields.

"States have concerns about what will happen to their service tax and VAT. But I believe that GST will be advantageous for states. We are confident that petroleum products will be under the GST regime," he said.

Finance Minister Arun Jaitley had said last week that petroleum products, which will be within the purview of GST, slated to be implemented from July 1, would, however, continue to be taxed as per the current taxation regime until the GST Council agrees on applying GST to these products.

Pradhan also said India will soon launch the second round of auction of discovered oil and gas fields of state-run ONGC and Oil India.

"Discovered Small Fields (DSF) round-II is coming soon," he said.

The government on Monday signed contracts with 22 companies that won 31 contract areas in the recently concluded DSF round I auctions.

"It has been estimated that the indicative gross revenue over economic life would be approximately Rs 46,400 crore of which royalty collection and government's revenue share is expected to be around Rs 5,000 crore and Rs 9,300 crore, respectively," Pradhan said regarding the contracts signed.

As many as 46 contract areas designated for 67 discovered small fields across nine sedimentary basins were on offer under the DSF Bid Round 2016, bids for which came in from majors like Cairn India and Hindustan Oil Exploration Company, along with from five smaller foreign firms.

The government had put up for bidding for production under a new revenue sharing model these small fields originally discovered by state-run explorers Oil and Natural Gas Corp. (ONGC) and Oil India. They, however, could not develop these because of their small size.

The auction was under the new Hydrocarbon Exploration and Licensing Policy (HELP) approved in March last year, which is based on a revenue-sharing model as opposed to cost-and-output-based norms earlier.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter