Finmin explains GST Council's rate structure recommendations to incentivize investments in E&P sector

Finance Ministry explains GST Council recommendations made to reduce cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil and to incentivize investments in Exploration & Production sector and downstream sector; As per the recommendations, import of rigs and ancillary goods under lease have been exempt from IGST subject to payment thereof on supply/import of such lease service and fulfilment of other specified conditions;...