New Delhi: Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan has called for inclusion of petroleum products under GST regime. Speaking at third India Energy Forum by CERA Week in New Delhi today, he appealed to the union finance minister to take this up in the GST council and at least make a beginning by including natural gas and ATF in the GST. He said “It’s been two years since the introduction of historic tax reform the GST was implemented by decisive leadership of Prime Minister Modi. Given the complexity of petroleum sector and the revenue dependence of state governments in this sector, petroleum products have been kept outside the ambit of GST regime.There has been continuous demand from the petroleum industry for inclusion of petroleum products under GST regime.”
The Minister highlighted several measures taken by the Government to overhaul the hydrocarbon policy framework to revitalize oil and gas ecosystem and establish a conducive business environment. Growing presence of global oil and gas majors like Saudi Aramco, ADNOC, BP, Shell, Total, Rosneft and Exxon Mobil in India is a testimony to the faith and confidence of global investors on promising India’s growth story. He said “I am glad to see investors, Making in India, for India, and also for the globe.”
Pradhan said that we have successfully completed three bid rounds under Open Acreage Licensing Policy and two rounds of bidding under the Discovered Small Fields (DSF) policy. Through these successful biddings, India is expected to garner an estimated investment of 58 billion US dollars in E and P sector by 2023. He said that Special thrust is being given to promote gas based economy under the guidance of Prime Minister Modi. “I am happy to inform you that as we speak, an estimated investment of 60 billion US dollars is lined up in building gas pipelines, terminals, and City Gas infrastructure that are in different stages of implementation.”, he added. The City Gas Distribution network development in India which has been authorized for building and commissioning will cover half of India’s geography and would serve 70% of India’s population through availability of low carbon and affordable natural gas.
Inaugurating the Conference, the finance Minister Nirmala Sitharaman said that India is becoming an attractive destination for foreign investors. Highlighting the recent announcements to bring down the Corporate Tax rates, she said that atmosphere to invest is friendlier now. She also talked about the amendments in the Companies act and IBC Code, stating that the focus is now on compliance.
The theme of third India Energy Forum by CERA Week Conference is ‘New India’s Energy @75: Balancing Energy Security and Sustainability’. 1200 delegates from 15 countries and 300 companies are participating in the 3-day conference.