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India offers incentives to state-owned oil and gas firms

Updated : July 18, 2018 05:45 PM IST

The companies had to pay 100 percent royalty and cess tax from the blocks under the earlier production sharing contract, making it a big disincentive to invest in production growth of the blocks, Pradhan said
Pradhan said the government also decided to give tax exemption on capital spending on oil and gas blocks given before 1999, when India's first bidding round was kicked off.
India offers incentives to state-owned oil and gas firms
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