SIGN IN SUBSCRIBE

News Update

Cus - Petitioner is only an intermediary for procuring containers and giving the same on lease to the consignees - Directions cannot be issued, while exercising extraordinary jurisdiction, to authorities to release the containers by destuffing the goods: HCGST - Petitioner asserts that he was unaware of the proceedings - Since the tax dues appear to have been recovered, revenue interest has been secured - Matter remanded: HCGST - No opportunity of hearing is granted to the petitioner by the respondent authority while taking adverse view - Only recourse is to remand the matter for passing fresh order in accordance with law: HCGST - Tax demand and penalty were confirmed entirely on the basis of the statement recorded on 26.09.2022 and by disregarding the reply filed and documents annexed thereto - Orders unsustainable, matter remanded: HCGST - Refund - Proper officers have to comply with the provisions of s.54(7) - Claim to be processed within two weeks: HCGST - Since the only reason for passing impugned order is that petitioner had not filed any reply, one opportunity needs to be granted - Matter remitted: HCChina faces acute revenue crunch! Will it reform clunky fiscal system?Arunachal cops bust sex racket; 21 including govt employees arrestedI-T- Not providing cross-examination of maker of the statement on which AO relies upon to take adverse view against an assessee is a serious flaw which render the action of AO a nullity : ITATMajor road accidents: 8 killed in MP & 6 in OdishaI-T- 84-day delay in filing appeal before CIT(A) is condonable, where caused due to assessee's ill health; matter remanded for reconsideration: ITATNSSO reveals joblessness on decline in urban IndiaBharat Pavilion at Cannes Film Festival inauguratedAs protests turn violent, France declares state of emergency in CaledoniaI-T- Amount of enhancement is deemed to be income of previous year in which it is received for purposes of 'enhanced compensation' taxable as capital gain: ITATLawrence Wong assumes office as Singapore’s new PMDoT receives overwhelming response to its Sangam Initiative: 144 participants selectedPutin seeks greater support for war efforts in BeijingI-T- DDT liability is distinct and separate from the liability to pay income-tax on the total income of an assessee : ITATGST - SC tells UoI - Not necessary to make arrest in every caseFirst set of citizenship certificates after notification of CAA Rules, 2024 issuedAssassination attempt at Slovakia PM Fico; Serious injuries reportedCus - Without checking authenticity of certificate of origins, the same cannot be discarded & based on the same, benefit of exemption cannot be denied: CESTATFM says PM’s active monitoring behind infra sector turnaroundCBIC revises tariff value of edible oils, gold and silver6 burnt to death as bus catches fire after ramming into lorry in APCX - Since the appellant has fulfilled procedural requirement as mentioned in Clause 2(a) of Notfn 33/99-CE , refund applications filed by appellant cannot be rejected: CESTAT
 
Govt taking steps to enhance oil & gas production: Pradhan

By TIOL News Service

NEW DELHI, MARCH 02, 2020: THE total consumption of petroleum products for the last three years is as under -

Financial Year

2016-17

2017-18

2018-19

Consumption of Petroleum Products (in Thousand Metric Tonnes)

194597

206166

213216

Government has taken several transformative policy measures/initiatives to enhance exploration & production of oil and gas in the country, which include: 

1. Policy for Relaxations, Extensions and Clarifications under Production Sharing Contract (PSC) regime for early monetization of hydrocarbon discoveries, 2014

2. Discovered Small Field Policy, 2015

3. Hydrocarbon Exploration and Licensing Policy, 2016

4. Policy for Extension of Production Sharing Contracts, 2016 and 2017

5. Policy for early monetization of Coal Bed Methane, 2017

6. Setting up of National Data Repository, 2017

7. Appraisal of Unapprised areas in Sedimentary Basins.

8. Re-assessment of Hydrocarbon Resources.

9. Policy framework to streamline the working of Production Sharing Contracts in Pre-NELP and NELP Blocks, 2018

10. Policy to Promote and Incentivize Enhanced Recovery Methods for Oil and Gas, 2018

11. Policy framework for exploration and exploitation of Unconventional Hydrocarbons under existing Production Sharing Contracts, Coal Bed Methane contracts and Nomination fields, 2018.

12. Grant of Marketing including pricing freedom, on natural gas production from High Pressure- High Temperature (HP-HT) reservoirs and deepwater and ultra deepwater areas (with ceiling), gas produced from CBM blocks, blocks awarded under Hydrocarbon Exploration and Licensing Policy (HELP) and Discovered Small Fields (DSF) Policy, commercial gas produced from North-Eastern Region (NER) on or after 1 st July, 2018 and also in those new gas discoveries whose Field Development Plan (FDP) has been approved after February 2019. To incentivize additional gas production from Administered Price Mechanism (APM) fields, reduction in royalty by 10% of the applicable royalty has also been granted on the additional production over and above business-as-usual scenario.

13. In addition, Government in February, 2019 approved major reforms in exploration and licensing policy to enhance exploration activities, attract domestic and foreign investment in unexplored/unallocated areas of sedimentary basins and accelerate domestic production of oil and gas from existing fields. The policy reforms inter alia aim to boost exploration activities with greater weightage to work programme and bidding of exploration blocks under Category II and III sedimentary basins without any production or revenue sharing to Government. Further, reforms envisage simplified fiscal and contractual terms, early monetization of discoveries by extending fiscal incentives and incentivizing gas production including marketing and pricing freedom. The policy also provides more functional freedom to National Oil Companies for collaboration and private sector participation for production enhancement methods in nomination fields. Streamlining approval processes and promoting ease of doing business including electronic single window mechanism is also an important aspect of policy reforms.

Export of crude oil is not permitted as per extant policy. In so far as import of crude oil is concerned, 17% of crude oil requirement is met through indigenous production and the balance 83% requirement is met through imports.

This information was given by the Union Minister of Petroleum & Natural Gas Mr Dharmendra Pradhan in the Lok Sabha today in a written reply.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST