Oil and gas producers call for tax reforms in the upcoming Budget

Seek relief from state levies, Customs duties, pitch for single window clearance system

In the run-up 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