Import of oil-drilling rigs kept out of GST purview

Import of oil-drilling rigs has been exempted from the goods and services tax ( GST ) levy to give a boost to domestic exploration and production, the government has said. The GST Council has also cut tax rate on bunker fuel to 5% from 12%. Nearly all deep sea drilling rigs are imported, and a bulk of the ones used in shallow waters to drill wells to probe and produce oil and gas are also of forei…