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Implications of the Union Budget 2016 on the Oil & Gas Sector - Mumbai

Continuing with its tradition, PetroFed organized a Senior Management Meet on ‘Implications of the Union Budget on the Oil & Gas Sector’ in Mumbai in knowledge partnership with member company KPMG on March 2, 2016.

Welcoming the participants to the meet, Dr. R.K. Malhotra, DG, PetroFed mentioned that many of the suggestions made by PetroFed to the Government on behalf of the industry in the Pre-Budget Memorandum could find place in the Finance Bill 2016 and assured that PetroFed would continue its efforts in this direction.

The Opening Remarks were delivered by Shri P. Raghavendran, President (Refinery Business), RIL and Vice Chairman, PetroFed. In his address Shri Raghavendran gave a brief roundup of the economic situation in the country and how it is affecting to Oil & Gas sector.

The detailed implications of the Union Budget on the Oil & Gas Sector for Direct Tax and Indirect Tax were presented by Ms. Neetu Vinayek, Partner, BSR & Company and Shri Santosh Dalvi, Partner, KPMG respectively. Shri Mitul Shah, Director, BSR & Company also covered the amendments affecting individual taxation.

The industry observations were shared by Shri V.K. Jain, GM (Taxation), HPCL, Shri N V N Ramsai, Executive Director (Finance), IOCL and Shri R. Ganapathisubramanian, Senior Vice President, RIL and Convener, Tariff, Duties & Taxes Committee, PetroFed.

The question and answer witnessed a healthy debate on the technical implications of the some of the amendments proposed in the budget.

Shri Rajiv Bahl, Director (Finance, Taxation & Legal), PetroFed anchoring the programme

Dr. R.K. Malhotra, DG, PetroFed welcoming the participants.

Shri P. Raghavendra, President (Refinery Business), RIL delivering Opening Remarks.

Ms. Neetu Vinayek, Partner, BSR & Company presenting impact of Direct Tax proposals.

Shri Mitual Shah, Director, BSR & Company making his presentation on Individual Tax.

A section of the participants.

Shri Santosh Dalvi, Partner, KPMG presenting impact of Indirect Tax proposals.

Shri V.K. Jain, GM (Taxation), HPCL presenting industry perspective.

Shri N.V. N Ramsai, Executive Director (Finance), IOCL presenting downstream sector perspective.

Shri R. Ganapathisubramanian, Senior VP, RIL giving industry perception.

Shri V.K. Jain raising a query during Q&A session.

Standing (L-R) Shri Mitual Shah, Sr. Director, KPMG; Ms. Neetu Vinayek, Partner, BSR & Company; Shri V.K. Jain, GM (Taxation), HPCL; Shri Santosh Dalvi, Partner, KPMG; Shri N.V.N Ramsai, ED (Finance), IOCL; Shri R. Ganapathisubramanian, Sr. VP, RIL and Shri Rajiv Bahl, Director (Finance, Taxation & Legal), PetroFed.

Dr. R.K. Malhotra, DG, PetroFed presenting a memento to Shri P. Raghavendran, President (Refinery Business), RIL