Mumbai—India has removed the import taxon natural gas and LNG in the 2012-13 bud-get to improve energy supplies to the powergeneration sector, Finance Minister PranabMukherjee said in his budget speech in parlia-ment March 16.Currently, there is a 5% import tax on LNGand the rate has been retained for all othersectors. India’s financial year runs from Aprilto March.LNG imported for the specific purposeof power generation for public distribution isexempt from the 5% import tax, the FinanceBill introduced by the minister states. However,within the power sector the import tax exemp-tion is not available for companies involved inpower generation for captive consumption.
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