Petroleum Sector To Be Part of GST Soon: Pradhan
At present, while merchandise equivalent to kerosene, naphtha and liquefied petroleum gas are a part of the GST, five items — crude oil, pure gas, aviation gas, diesel and list of petroleum products pdf 2017 petrol — do not come underneath the GST umbrella.
“We count on all petroleum products to be a part of the GST in just a few days. We will push for that. States have issues about what will occur to their service list of petroleum products pdf 2017 tax and VAT. However I consider that the GST shall be advantageous for states,” Pradhan stated, speaking at the contract-signing ceremony for blocks awarded under the recently concluded discovered small subject (DSF) auctions.
India on Monday signed contracts with 22 firms, which received 31 contract areas in the recently concluded hydrocarbon auctions. This is probably going to bring in revenues of Rs forty six,400 crore. Of this, the gross royalty collection and state royalty collection are anticipated to be round Rs 5,000 crore and Rs 2,one hundred crore, respectively.
The revenue share of the government from these fields is expected to be Rs 9,300 crore. The DSF bidding spherical was launched on Might 25, 2016. Initially, 134 e-bids have been received for 34 contract areas with participation from 47 firms.
The cumulative peak manufacturing from the awarded fields is expected to be round 15,000 BoPD (barrels per day) of oil and a couple of mmscmd (metric million of normal cubic metres a day) of fuel over their financial life.
“We are within the means of launching the second round of small discipline auctions. In addition to this, we’re planning to herald production enhancement contracts for petroleum sector PSUs,” Pradhan stated.
D S Rajput, chairman and managing director of Sharjah-based mostly South Asia Consultancy, the only overseas participant that received a block under DSF, mentioned, “The advantage for this round was that no prior experience was needed. However, for DSF spherical two, they are asking for one-12 months expertise in the sector.”
In the meantime, two pet projects of Prime Minister Narendra Modi — Pradhan Mantri Ujjwala Yojana (PMUY) and Pradhan Mantri Urja Ganga — are set to be extended to Nepal.
“We are planning to increase the reach of the PMUY in Nepal. At the identical time, talks are additionally there to push the Urjja Ganga pipeline beyond borders from Gorakhpur to Amlekhganj,” said Dharmendra Pradhan, minister of petroleum and natural fuel. The Rs 12,940 crore Urja Ganga venture will go through 5 states — Uttar Pradesh, Bihar, Jharkhand, West Bengal and Odisha — overlaying 2,619 km in forty nine districts.
The PMUY was launched on May 1, 2016, at Ballia in Uttar Pradesh with a target of offering LPG connections to 50 million beneath-poverty-line households in three years. The federal government is offering Rs 1,600 per connection. The scheme is set to offer 20 million connections by the tip of this month, surpassing the goal of 15 million for the monetary year.