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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

Reuters  |  NEW DELHI 

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 ...

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First Published: Wed, October 11 2017. 15:52 IST
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