TaxTMI 
TaxTMI 
GST rate structure for Petroleum and Oil Sector
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....ST rate structure for Petroleum and Oil Sector <br>GST<br>Dated:- 11-10-2017<br><BR>To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude o....
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....il 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 recom....
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....mendations 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 area....
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....s 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 ri....
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....gs 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.<BR> News - Pr....
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....ess release - PIB....