In light of India’s commitment to the COP26 Glasgow summit, the Union Budget 2022 has focused on promoting the use of cleaner energy alternatives.
Though there are no specific policy announcements for the oil and gas sector, various rationalisation measures are proposed with respect to customs duty rates, simplification of procedures relating to claiming current customs duty or exemptions and various conditions relating to obtaining Input Tax credit (‘ITC’) under GST regulations.
Also Read: Budget 2022: Key takeaways for power & utilities sector
Certain key changes in customs and GST regulations are:
Exemption from Basic Customs Duty (‘BCD) for imports for petroleum operations has been restricted to specified list of goods
Procedural conditions for availing aforesaid exemptions have been simplified by removing the requirement of producing a certificate from Directorate…