India's oil industry seeks lower GST rates in upcoming Budget

India's oil and gas industry is seeking inclusion of crude oil and natural gas under GST at lower 5% slab in upcoming Budget 2026-27 to improve ease of doing business. "We remain hopeful of…inclusion of petroleum within…GST framework,” said Kapil Garg, Oilmax Energy Founder. The industry may seek compensation for the under-recoveries made on LPG sales, an ICRA executive said.