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Recommendations

Finance and Taxation

  1. Submitted to Secretary, MoP&NG and Revenue Secretary, MoF in February, 2016 and September, 2015 for reduction in OID Cess on Crude Oil produced in India in view of falling crude oil prices and levying it on ad-valorem basis.
  1. Submitted to Secretary, MoP&NG in January 25, 2016 expressing apprehension on re-introduction of Customs duty on crude oil
  1. Submitted to Secretary, MoP&NG and Revenue Secretary, MoF for reduction of cess on Crude Oil and utilisation of additional Excise on Petrol & Diesel for development of oil industry in January 05, 2016.
  1. Submitted to consolidated recommendations to MoP&NG in April 2015 along with AOGO, FICCI AND CII on ‘Ease of Doing Business in India’ and the actions required to be taken in this context to ensure the success of ‘Make in India’ programme.
  1. Submitted to the Ministry of Corporate Affairs and the Institute of Chartered Accountants of India for carve outs in AS-2 on Valuation of Inventories because of fluctuating crude oil prices in April 2015.
  1. Submittted to DG, DGFT on Refund of Terminal Excise Duty on Supply of HSD for Petroleum Operations in Oil & Gas Exploration - Para 8.2 (f) of foreign Trade Policy (FTP) in February 2015.
  1. Submitted to Ministry of Corporate Affairs and the Chairman, Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India in August 2014 on requesting for permitting LIFO as an option for valuation of inventory while notifying Ind AS-2.
  1. Submitted to Joint Secretary (TRU-I), CBEC, Depatment of Revenue, MoF in March 2014 on Incidence of Double Duty Taxation on Auto Fuels from SEZ Refinery.
  1. Submitted to Secretary, MoP&NG and Revenue Secretary, MoF in February 2013 on OID Cess
  1. Submitted to Director General of Foeign Trade, DGFT in February 2012 on Deemed export benefit on supply of fuels for petroleum operations
  1. Submitted to Secretary, MoP&NG in September 2011 on Inclusion of Petroleum Products in GST