Industry Impact Reports
MAULIK TEWARI The Budget brings good news for the power sector on one main count. It modified the application of the 20 per cent additional depreciation for power firms. Until now, a company was allowed 20 per cent additional depreciation on new plant and machinery installed until September 30. For assets installed after this date, only 10 per cent additional depreciation would be allowed. Companies being allowed to claim the remaining 10 per cent too would lower the tax incidence. The other positive is
Industry Impact Reports
Oil and gas find little mention
Our Bureau Plagued by ‘corporate espionage’, the oil and gas sector found little mention in Arun Jaitley’s Budget, except subsuming education cess with excise duty on petrol and diesel. “Some of the key proposals for the sector were not considered as there was a fear some may have found their way out (stolen documents),” a source-in-the-know said. The fear of angering the middle-class and political uncertainty which BJP faces in Bihar restricted the Centre from imposing import duty on crude oil, as this
Industry Impact Reports
Damp squib for oil & gas sector
Our Research Bureau The change The Budget has mostly been a damp squib for the oil and gas sector with long-pending demands ignored yet again. The request that exploration and production activities be kept outside the service tax net was given the go-by; on the contrary, the service tax has been raised from 12.36 per cent to 14 per cent. Some of the industry demands that were ignored yet again were: no clarification that ‘mineral oil’ would include gas for tax holiday purposes, extension of tax holiday for