Friday, January 15, 2010

At the end of 2009, where were we as regards oil and gas policy and performance?

Agenda for oil and gas

The current draft DTC (Direct Taxes Code) is completely silent on the provision of tax holiday for the upstream sector, rues Akhil Sambhar, Associate Director, Oil & Gas Practice, Ernst & Young. “The draft GST (Goods and Services Tax) policy also does not seek to cover the petroleum sector which could adversely impact the sector in the absence of its ability to avail tax credits on goods/services produced which have suffered GST,” he notes, during a recent email interaction with Business Line.

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