At the onset Mr. Rajiv Bahl, Director (Finance, Taxation & Legal), FIPI welcomed the guests and expressed his views on the Union Budget 2018-19. In his address Mr. Bahl highlighted the pressing need for radical fiscal reforms as the oil industry was passing through a critical phase with higher challenges in committing large investments. He also stressed on the urgent need to bring the core petroleum products under the fold of GST as the industry was burdened with additional costs due to locking up of input credits.

Mr. Hemal Zobalia, Partner Deloitte, commenced with the Budget Analysis session and invited Mr. Dilip Lakhani, Senior Advisor, Deloitte highlight to present the key takeaways from the budget. While Mr. Hemal Zobalia, Partner Deloitte discussed on the direct tax aspects of the budget and provided clarification to the latest developments in this arena, Mr. Anoop Kalavath, Senior Director, Deloitte, expressed his views on the indirect tax aspects of the budget. As this was the first budget after the introduction of GST from July 2017, there was not much to discuss on the indirect taxes other than Customs Duty and the procedural amendments proposed.

A panel discussion constituting Mr. Anup Vikal, CFO, Essar, Mr. N.V.N. Ramsai, Executive Director (Finance), IOCL, Mr. V. K. Jain, Executive Director - Tax, HPCL and Mr. Deepak S Garg, Senior Vice President, Indirect Tax, RIL was held and moderated by Ms. Bela Sheth Mao, Senior Director, Deloitte. The panelists expressed their views on the budget and what they envisaged would be the way forward for the Indian Oil and gas industry. While discussing GST, the panel felt that advocacy efforts need to be focused towards states as they are the ones who would collectively decide on the timing of inclusion of petroleum products under GST in the GST Council meeting. The panel also felt specific issues arising out of the Union Budget 2018 need to be taken up with the Govt for suitable clarifications and if felt necessary a post budget memorandum be submitted to the Govt.

This was followed by open house in which the panelists responded to the questions from audience.

Mr. Rajiv Bahl, Director (Finance, Taxation & Legal), FIPI thanked all participants for their expert comments and for making the session a productive one.

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