In the runup to the Budget, upstream oil and gas companies have called for a review of the taxes levied on older oil blocks, which account for nearly 90 per cent of domestic production, according to officials from two large exploration and production (E&P) firms.
The removal of a number of cesses imposed by states, exemption from Customs duty on a larger set of imports, and greater ease in exploration are among the key issues raised during discussions with the government.
In meetings with the finance and petroleum ministries, the industry has urged the government to align taxes imposed under previous regimes, such as New Exploration Licensing Policy (NELP) and Pre-NELP, on a par with the current Hydrocarbon Exploration and Licensing Policy (HELP) regime.
The NELP replaced the nomination regime in 1999 and remained in place until 2017, when the HELP regime came into force. The industry has asked the government to rationalise taxes from the current levels of over 60 per cent to 40 per cent, in line with global benchmarks.
This story is from the December 24, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 24, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
NSO REPORT ON UNINCORPORATED SECTOR Fresh job creation slows in 2023-24
Fresh employment generation in the unincorporated sector slowed in the October 2023-September 2024 period, with additional job creation dipping to 10.97 million during this interval as compared to the equivalent figure of 11.74 million in October 2022-September 2023.
RBI report sees signs of economic recovery in Q3
Cites strong festival season, rural demand pickup; FPI flows positive
Pioneer of parallel cinema dies at 90
Veteran filmmaker Shyam Benegal, who heralded the Indian parallel cinema movement in the 1970s and 1980s with films such as Ankur, Nishant and Manthan, died on Monday, his daughter Pia said. He was 90.
How tech is changing the landscape of elder care
The concluding part of the silver economy series looks at innovative apps and wearables that are empowering seniors and their families
ALGO RHYTHM AND BLUES
Can Sebi's draft rules on algorithm-based trading level the playing field between institutional and non-institutional investors?
AVOIDING MIS-SELLING BY MF DISTRIBUTORS Say no to NFOs, buy direct plans and seek advice from Sebi RIAs
The Securities and Exchange Board of India (Sebi) has implemented a new rule to curb unnecessary portfolio churn by distributors, usually done during the launch of new fund offers (NFOs) to pocket higher commissions.
Amber Enterprises posts sharpest rise in 2 mths
13% gains driven by block deal in which 1% equity changed hands
NEW LISTINGS ADD 3% TO INDIA'S MCAP IN 2024
New listings through initial public offerings (IPOs) in 2024 contributed nearly 3 per cent (₹14 trillion) to India's market capitalisation, surpassing last year's contribution of 1.4 per cent (₹5 trillion).
Weak management commentary weighs on Siemens stock
Siemens's share price has lost ground in the past few sessions following weak management commentary.
Mkts stage sharp recovery after five days of fall
Equity benchmark indices Sensex and Nifty rebounded sharply on Monday after five days of steep decline amid value buying at lower levels and a rally in global markets.
