Indian Oil echoes addition of petroleum products under GST ambit

ANI | Updated: Jan 30, 2018 18:14 IST

New Delhi [India], Jan 30 (ANI): Indian Oil Corporation (IOC) Chairman Sanjiv Singh on Tuesday suggested that petroleum products must be brought under the ambit of the Goods and Services Tax (GST) in the near future.

"If petroleum products come under GST, it is a seamless process. Probably, in the long term, everybody would want all products to come under the GST. However, for us, it will be a little disadvantageous till all products don't come under the GST," he said at a press conference post the declaration of IOC's financial results.

Earlier today, Indian Oil Corporation posted its third quarter earnings with a standalone profit more than doubled to Rs. 7,883 crore, from Rs. 3,696.3 crore in previous quarter.

The state-run oil retailer had earlier reported operating profit at Rs. 7,373 crore and margin at 8.1 percent in September quarter. (ANI)