India has reduced the goods and service tax (GST) on bunker fuel oil, known as bunker fuel, to 5 percent for all vessels, the government said on Wednesday, which should help the country's fuel sellers compete with other lower-tax ports in Asia. India's nationwide GST taxed bunker fuel sales at 18 percent when it was implemented on July 1. The GST replaced state value-added taxes that were typically between zero and 5 percent. India's GST Council decided to reduce the tax on the bunker fuel sales after an Oct. 6 meeting where it recommended assessing GST rates for the ...
Modi govt reduces GST on bunker fuel; sets tax for offshore oil, gas sales
India's GST Council decided to reduce the tax on the bunker fuel sales after an Oct. 6 meeting