Prime Minister Narendra Modi said on Wednesday that India is committed to placing natural gas under the Goods and Services Tax (GST) regime, a measure that is expected to lower the cost of natural gas by reducing the burden of the ‘tax on taxes”.
We are trying to eliminate the cascading effect of different taxes on natural gas in different states. We are committed to bringing natural gas under GST, ”Modi said.
Since its implementation from July 1, the GST has included around ten taxes, introducing a single levy, to simplify the tax system and remove the cascading effect of the tax on the tax. However, certain items such as petroleum products, real estate, were excluded from the GST.
The statement came as the prime minister practically devoted himself to the nation and laid the groundwork for key oil and gas projects in Tamil Nadu. Modi dedicated the Ramanathapuram-Thoothukudi gas pipeline and gasoline desulphurization unit at Chennai Petroleum Corporation Limited, Manali to the nation. He also laid the foundation stone for the Cauvery Basin refinery in Nagapattinam.
Modi said India was importing more than 85% oil and 53% gas to meet demand in 2019-20. “Can a diverse and talented nation like ours be so dependent on imported energy?” he said.
“From now on, it is our collective duty to work for clean and green energy sources, to reduce energy dependence. Our government is sensitive to the concerns of the middle class.”
He also said that while India strives to meet the growing demand for energy, it is also reducing our dependence on energy imports and diversifying import sources.
In 2019-2020, India was fourth in the world in terms of refining capacity. About 65.2 million tonnes of petroleum products were exported.
“These gas pipeline projects would also allow the development of City Gas projects which are under development in 10 districts of Tamil Nadu for an investment of Rs 5,000 Crore. Gas from the ONGC field will now be delivered to Southern Petrochemical Industries Corp Limited Tuticorin. This pipeline will supply natural gas as a raw material at a lower cost to SPIC for the manufacture of fertilizers. The raw material will now be available continuously without requiring storage. This should result in savings of the order of 70 to 95 crores of production cost per year. It will also reduce the final cost of fertilizer production, ”said an official statement.
Over the past six years, more than Oil and gas projects worth 50,000 crore have been approved for implementation in Tamil Nadu. In the same period, more than 9 projects worth 100 crore sanctioned before 2014 have been completed. In addition, more than 4,300 crore of projects are in preparation, according to the statement.
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