Author: Sheetal Saraswat*
The global oil and gas industry is redefining itself amid uncertain energy policies and a changing environment. India, being among them is trying to calibrate the overall industry scenario. In order to standardize the Indian oil and gas policy framework with the international level, over the years there have been myriad policy changes. This article in order to augment the awareness of the taxing system also discusses about the policy and regulatory framework.
It is very essential to understand that the policies and policy framework, the regulations and their regulators are collectively responsible for policy being a boon or bane to economy. This article aims to explore the wide subject of Taxation Regime in Indian Petroleum Sector.
The tax revenue is the most important source of public revenue. A tax is a compulsory payment levied by the government on individuals or companies to meet the expenditure which is required for public welfare.