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FinMin rejects oil ministry proposal, says no ‘double benefits’ for explorers

Jun 04 2014, 08:43 IST
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Finance ministry has declined the oil ministry’s request for re-introducing the 7-year tax holiday for offshore blocks. (Reuters) Finance ministry has declined the oil ministry’s request for re-introducing the 7-year tax holiday for offshore blocks. (Reuters)
SummaryIndia's next offer of oil and gas blocks for exploration has run into rough weather.

out profit-linked deductions as they are distortionary, iniquitous, lead to increase in compliance cost and administrative burden, and are liable to abuse.” “Therefore, there is no scope for extension of any profit-linked deduction,” it concluded.

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