Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: empanelment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT Audit :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: cpt :: TDS
 
 
« News Headlines »
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated…

Centre may grant tax sops to energy sector
November, 01st 2006
The government is considering granting tax incentives to the oil and gas sector. Some of the incentives under consideration include a 10-year tax holiday under Section 80 IA of the Income-Tax Act for gas pipelines, storage terminals and other related facilities for transportation and storage of petroleum products. 
 
The demand was raised at a recent meeting of Assocham with revenue department officials. 
 
The contention of the industry is that gas pipelines and associated infrastructure are important to ensure quick and timely distribution of petroleum products. 
 
Industry sources said there are indications that the notification granting tax breaks to the oil and gas sector may be issued soon. 
 
Meanwhile, FICCI has, in its pre-budget wish list, sought inclusion of petrol and petroleum under the value added tax (VAT) regime with uniform VAT rate across all states. 
 
The maximum VAT rate should not be over 12.5 per cent and the difference among states should not be more than 4 to 5 per cent, the Chamber has said. 
 
The chamber has also demanded that declared goods status should be granted to liquid natural gas (LNG). LNG competes with coal which enjoys declared goods status, therefore attracting a maximum of 4 per cent sales tax. 
 
Non-conventional energy could receive a boost in the Budget for the next financial year with incentives expected for the hydrocarbon sector related to exploration, extraction and production of mineral oils. 
 
Under sub-section (9) of Section 80-IB, tax holiday is provided to an undertaking in the hydrocarbon sector which begins commercial production or refining of mineral oil equal to 100 per cent of the profits for 7 consecutive years including the initial assessment year. 
 
However, in the initial few years there is hardly any profit to take advantage of the tax holiday. 
 
FICCI has urged the government to give undertakings the option of claiming tax holiday for seven consecutive years at any time during the first 15 years after the commencement of commercial production. 
 
Industry bodies have also demanded that weighted deduction of the actual expenses incurred by the assessee in drilling and exploration activities should be raised to 150 per cent from 100 per cent at present.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions