India may not levy new tax on oil products

India may not levy the proposed goods and services tax (GST) on petroleum products and exports by the companies located in the special economic zones, according to Reuters. The government had set a deadline of April 2010 for introducing GST, but Finance Minister Pranab Mukherjee said it could be delayed by a few months. The proposed GST, which is to replace existing federal and state levies such as excise, service tax and value-added tax, could help lower the overall tax burden of industry. (November 10, 2009)