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India extends tax holiday for natural gas production
In a bid to give a fillip to the current round of auction of hydrocarbon assets, Finance Minister Pranab Mukherjee Monday extended the tax exemption on profits in the natural gas sector.
The ministry of petroleum and natural gas has been seeking tax holiday to the natural gas sector since last year, when the 2008 auction deadline had been postponed many times due to confusion over this issue.
The government now expects that the tax exemption will trigger interest in the 2009 round of auction of 70 hydrocarbon exploration blocks. The closing date for submissions of bids is Aug 10.
Last updated on Jul 6th, 2009 at 12:48 pm IST--IANS
Possibly related news:
- Food processing sector may get tax holiday, hopes minister (June 22)
- Income tax exemption limit increased, corporate tax rate unchanged (July 6)
- Stalin demands gas grid in southern India (July 4)
- Tax structure to be simplified: Mukherjee (July 6)
- Fringe benefit tax abolished (July 6)
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