New Delhi, Sep 29 (PTI) The recent hike in GST on capital goods used in oil, gas, and coal bed methane sectors undermines the stable contractual and fiscal terms promised in the recently approved oilfields legislation, an industry association said in a letter to Oil Minister Hardeep Singh Puri.

In the second letter to the minister this month, the Federation of Indian Chambers of Commerce and Industry (Ficci) on September 25 said the increase in GST on capital goods used for petroleum (including natural gas) and coal bed methane (CBM) sectors from 12 per cent to 18 per cent places an added burden on an industry which already was facing a disadvantage because of non-inclusion of natural gas under GST.

"This (GST increase) is against the various upstream exploration & production (E&P) contr

See Full Page