An overview by Economic Laws Practice
Since petroleum products are outside the coverage of GST, they are subject to creditable GST and other costs/taxes on their procurement which leads to a cascading effect. Exacerbating the issue is the fact that the burden of such non-creditable taxes is solely borne by the oil and gas industry.
Rahul Khurana (Director) at our Indian firm, Economic Laws Practice, examines this issue in greater detail.
Read the full article here.
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