Major oil and gas players in the country have sought intervention from the petroleum ministry to include crude oil, petrol, diesel, aviation turbine fuel and natural gas under the ambit of the goods and service tax (GST).
In a workshop moderated by the petroleum ministry on Monday, the companies highlighted that the exclusion of those products from the GST will result in huge stranded taxes in the hands of the oil industry due to non-availability of input tax credit towards non-GST products.
According to industry estimates, the overall GST impact on the petroleum sector will be to the tune of Rs 25,000 crore. Petroleum Minister Dharmendra Pradhan has assured the companies their concerns will be raised before the finance ministry.
via GST: Pradhan says will ask FinMin to address issues of oil & gas players | Business Standard News
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