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Interim Budget 2024 - Tax reforms impacting the Oil and Gas sector
On Thursday, 1 February 2024, the Hon'ble Finance Minister, Nirmala Sitharaman, presented interim Budget 2024 in the Lok Sabha.
As indicated by our Hon’ble Indian Prime Minister Narendra Modi, the Interim Budget 2024 provided a broad direction on the vision and policies of the Government. In this context, certain measures in relation to the oil and gas sector have been proposed. While there are no changes in the tax rates nor any significant tax amendments have been proposed, the sunset dates for certain tax benefits which were expiring on 31 March 2024 have been extended to 31 March 2025.
In this relation, we present our detailed oil and gas sector alert.