September 2020 / India

September 30 2020

India Issues Guidelines for Tax Appeals under Faceless Appeal Scheme

The Ministry of Finance has gazetted the Faceless Appeal Scheme, 2020, where all income tax appeals will be finalized in an electronic manner, except for appeals relating to serious fraud, tax evasion, sensitive matters, international taxation and the Black Money Act. This includes the electronic allocation of the appeal, communication of notices/questionnaires, verification, enquiry and hearings to the communication of the appellate order to the appellant. The Faceless Appeal Scheme aims to provide greater convenience to taxpayers and ensure just and fair appeal orders, and minimize any further litigation. The new system is also important in imparting greater efficiency, transparency and accountability in the functioning of the Income Tax Department. The Faceless Appeal Scheme was announced in August 2020 as part of the government's "Transparent Taxation" platform. The scheme came into effect on 25 September 2020. Full details of the guidelines are available in Notifications Nos 76 and 77, both dated 25 September 2020.
September 30 2020

India is expanding its LNG regasification terminals to connect them to demand centres via pipelines and reduce dependence on imports


India is the 3rd largest energy and oil consumer in the world after China and the US

India is the 4th largest importer of liquefied natural gas (LNG).

India consumed 213.2 MMT petroleum products and 60,747 MMSCM natural gas. The import dependency of crude oil and LNG during 2018 was 82.59% and 45.89% respectively. During 2018, petroleum import bill was $ 112 bn, a growth of 27% over $ 88 bn during 2017 - 18, and 23.42% of total gross import of the nation. India’s projected oil demand is going to grow at CAGR of 4% during 2016 - 2030 against the world average of 1%, though the projected oil demand will be much lower as compared to the US and China.

  • 230 billion-barrel O+OEG conventional hydrocarbons in over 3 mn area, spread over 26 sedimentary basins, is available for investors
  • India aims to reduce oil and gas imports dependence by 10% by 2022
  • The demand for petroleum products is estimated to reach 244.960 MT by 2021-22 at a CAGR of 10%
  • The total number of fuel retail outlets increased from 18,848 (2002) to 64,624 (2019) at a CAGR of 7.5%. State-owned marketing companies are planning to add 78,000 new fuel retail outlets.
  • Present share of natural gas in the energy mix of the country is 6%. The aim is to increase it to 15% by 2030
  • 12 Biofuel refineries are planned to be opened with an investment of $1.5 bn
  • India is the 2nd largest consumer of Biogas with 5000 CBG plants to be opened by 2023 under the SATAT scheme
  • Ethanol blending in petrol will grow from 5% to 20% by 2030 in India
Gas Consumption CAGR (2014-19)
Oil Consumption CAGR (2014-19)
Petrochemical Industry CAGR (by 2022)
Fuel RO CAGR (2002-19)

⇒ 100% FDI allowed in exploration activities of oil and natural gas fields under automatic route

⇒ 49% FDI allowed in petroleum refining by the Public Sector Undertakings (PSU), without any disinvestment or dilution of domestic equity in the existing PSUs under automatic route

  For further details, please refer FDI Policy or Contact Us
  Invest India