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Budget 2017: Not much heed given to demands of oil & gas industry
Feb 02:   As is always usually the case, the finance minister did not pay much heed to the demands of the oil and gas industry this time around as well.
8Some concessions have been made in the overall context, with implications for the industry but overall the specific recommendations in the pre-budget memorandums have been given the go-by
8One specific step was to reduce the BCD on LNG from 5% to 2.5%
8If crude oil prices rise, duties may be recalibrated to cushion the Indian consumer but that will depend on how steeply prices rise. Given that the rise in oil price brings about a rise in shale oil and gas production in the US, it is unlikely that prices will rise by much in 2017.
8To facilitate build up of reserves by foreign companies, tax will not be levied when oil is taken out of strategic reserves after conditions are met.
Click on our Reports  section for a copy of the Union Budget and the pre-budget memorandum for a comparison of what was sought and eventually what was agreed upon  Details

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