On Tuesday, 1 February 2022, the Hon'ble Finance Minister, Nirmala Sitharaman, presented Union Budget 2022 in the Lok Sabha.
We bring you a detailed analysis on tax and regulatory amendments announced by the Hon'ble Finance Minister at her budget speech in respect of oil and gas sector.
In line with meeting India’s COP26 commitments, the Government in its Budget 2022 has laid out a road map for energy transition by promoting alternate energy options such as biomass pellets in co-fired thermal power plants, introducing business model of “Energy Service Company” in large commercial buildings, battery swapping policy, encouraging use of public transport in urban areas. Further various custom duty rate rationalisations have been proposed along with simplification of procedures relating to claiming existing custom benefits In line with meeting India’s COP26 commitments, the Government in its Budget 2022 has laid out a road map for energy transition by promoting alternate energy options such as biomass pellets in, co-fired thermal power plants, introducing business model of “Energy Service Company” in large commercial buildings, battery swapping policy, encouraging use of public transport in urban areas. Further various custom duty rate rationalisations have been proposed along with simplification of procedures relating to claiming existing custom benefits.
