 "Oil Minister Hardeep Singh Puri (Photo: Bloomberg)")
The government is working on a scheme to compensate upstream oil and gas companies -- those engaged in exploration & production (E&P) -- for the higher input costs they will incur owing to the recent increase in goods and services tax (GST) on their activities, a senior government official said.
“We are assessing an expenditure-side scheme to compensate upstream companies, something to look at the stranded taxes. Higher GST eats into the companies’ margins. The proposal will be sent to the finance ministry for approval,” the official said.
As crude oil and natural gas are outside the purview of GST,
