Finance Minister Pranab Mukherjee announced an exemption of customs duty on imports of liquefied natural gas import while announcing the union Budget 2012-13. Currently, there is a 5% duty on the commodity
He also said that the government is working on de-regulating diesel prices.
Find out why the oil and gas sector is so crucial and what the sector had expected from the Budget.
The Indian oil and gas sector is one of the core industries in the country and plays a pivotal role in influencing decision in all other spheres of the economy.
Hence, there is an emphasized need for policies that could fuel further growth in the sector and hence this the sector was keen to get tax exemptions on fuel imports and de-regulation of petroleum products- which would eventually bring down their under-recoveries. Currently, the sector is reeling under losses or under-recoveries of Rs1.5 lakh crore due to selling at government-controlled rates.
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He also said that the government is working on de-regulating diesel prices.
Find out why the oil and gas sector is so crucial and what the sector had expected from the Budget.
The Indian oil and gas sector is one of the core industries in the country and plays a pivotal role in influencing decision in all other spheres of the economy.
Hence, there is an emphasized need for policies that could fuel further growth in the sector and hence this the sector was keen to get tax exemptions on fuel imports and de-regulation of petroleum products- which would eventually bring down their under-recoveries. Currently, the sector is reeling under losses or under-recoveries of Rs1.5 lakh crore due to selling at government-controlled rates.
....more info