Country Report
India upstream fiscal summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
All new upstream licences are awarded through the licensing rounds under Revenue Sharing Model (RSM) terms. Within the RSM regime there is no cost recovery. Revenue after royalty is shared between the government and contractor. Revenue sharing is based on high and low revenue points which are set by the government, with the respective revenue shares biddable by the contractor. Royalty is fixed but varies between 5% and 12.5% depending on a fields location. Corporate income tax is payable at the effective rate of 25.63% for domestic companies and at 43.68% for foreign companies. In February 2019, the government introduced policy reforms to incentivise exploration, which included royalty discounts, elimination of government revenue share for frontier basins and introduction of windfall gain revenue sharing, capped government revenue share and gas marketing and pricing freedom. From 1st July 2022, government introduced windfall levy on gross crude oil revenue at INR10200 per tonne.
Table of contents
- Indirect taxes
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Royalty
- Ring fencing
- Base
- Rate
- Payment schedule
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RSM production sharing
- Ring fencing
- RSM cost recovery
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RSM revenue sharing
- Base
- Rate
- Payment schedule
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RSM windfall revenue sharing (windfall gain)
- Base
- Rate
- Payment schedule
-
Corporate income tax
- Ring fencing
- Base
- Rate
- Payment schedule
- Fiscal treatment of decommissioning
- Product pricing
- Summary of modelled terms
- Recent history of fiscal changes
- Stability provisions
- 4 more item(s)...
Tables and charts
This report includes the following images and tables:
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Indirect taxesAssumed terms by location - oil and gas
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Timeline detailsSplit of Barrel-OilSplit of Barrel-GasShare of profit- OilShare of profit- GasEffective royalty rate and minimum state share - onshore, oilEffective royalty rate and minimum state share - onshore, gasEffective royalty rate and minimum state share- shelf, oilEffective royalty rate and minimum state share- shelf, gas
- 18 more item(s)...
What's included
This report contains:
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