GST could have a negative impact on oil and gas industry, ICRA-ASSOCHAM report
The Dollar Business Bureau The Goods and Services Tax (GST) will have adverse impact on the oil and gas sector as it will have to conform to the current tax regime as well as to GST, the ICRA-ASSOCHAM report said. The GST regime is expected to be rolled out from July 1, 2017. The next meet of GST Council is to be held on June 18, in which it will decide upon the lottery tax and e-way bill. “The oil and gas industry would have to comply with both the current tax regime as well as the GST regime leading to double compliance cost because five petroleum products viz crude oil, natural gas, motor spirit, high-speed diesel and aviation turbine fuel have been excluded from the GST, while other ...
LNG import terminals to face major challenges: Icra
Source: PTI New LNG import terminals will face major challenges due to price sensitive demand, Icra said in its latest update on gas utilities sector. According to Icra estimate, gas demand will increase to 330 million standard cubic meters per day by 2024-25, while domestic natural gas production will rise by 60% to around 150 mmscmd. The domestic output increase is contingent upon GSPC's Deen Dayal block and ONGC's KG basin blocks going on stream along with marginal increase in Reliance Industries' KG production, the rating agency said. “Despite high domestic demand-supply deficit, the demand for Regasified-Liquefied Natural Gas (R-LNG) in the country is critically dependent upon the prices of liquid fuels and global spot LNG prices," Icra said. Prices of long-term ...
