MANGALURU: With a view to provide much-needed relief to the Indian oil and gas sector, ministry of petroleum and natural gas is looking at extending tax concessions along with reduction in oil cess and will soon take up the matter with Union Finance Ministry, a top official said at an ASSOCHAM webinar.
Besides, the ministry will also provide whatever relief such as extending timelines, try and reduce penalties wherever possible and take other such measures, stated Tarun Kapoor, secretary, MoPNG at a webinar on “AtmaNirbhar Bharat – Role of Oil and Gas Sector” hosted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
On opening up the gas and fuel retailing, Kapoor said that the Centre is keen to issue licenses to the new players and the government has tweaked its policy wherein the net worth of the organization is brought down to ₹250 crore for fuel retailing business.
