Budget 2020 exempts income of ISPRL from tax

In 2017, the government had exempted foreign companies from paying income tax on the sale of oil they store in India's strategic oil reserves. According to a budget 2020-21 document, the income of ISPRL will be exempt from taxes on the transaction of crude oil stored in its strategic caverns, provided the company replenishes the removed fuel within three years.

from Energy-Industry-Economic Times https://ift.tt/2RRPpsY