Oil firms may take a collective hit of Rs 25,000 crore as a result of GST

Oil companies will have to take a collective hit of about Rs 25,000 crore a year after the roll-out of the goods and services tax since most of their output is outside the ambit of the new system, the finance chief of the state-run Oil and Natural Gas Corporation has said. From July 1, India will roll out GST that includes most goods and services but excludes crude oil, natural gas, petrol, diesel…