In its Learning and Education series PetroFed organised its second workshop on Value Added Tax (VAT) for members of the oil and gas industry at New Delhi on June 16, 2005 .

The objective of the workshop was to acquaint tax managers and officials of oil and gas companies with the salient features of VAT and the compliance related issues. The workshop was also designed to sensitise participants on features of the new tax regime, its impact on the supply and distribution chain of the companies and the actions required to make the supply chain VAT - efficient.

A team of experts from knowledge partners PricewaterhouseCoopers Pvt. Ltd. (PwC) led the workshop and updated the participants on various features of VAT. Sh. S. Madhavan, Executive Director & Head -Indirect Tax Practice, PwC gave an overview on VAT and led the discussion. Sh. R. Muralidharan, Sr. Manager – Tax and Regulatory Services, PwC provided the State VAT Act analysis covering the provisions in various states. At the end of the session he also elaborated on the implications and challenges as a result of introduction of VAT.

The implications of VAT on works, contracts and leasing transactions were brought out by Sh. Gautam Khattar, Manager - Tax & Regulatory Services, PwC. The details of documentation and records in the VAT regime were provided by.

There was lively interaction with the PwC team from the 53 officials from the oil and gas industry who participated.

The participants were welcomed by Sh. Y. Sahai, Director (Comm. & Mktg.) and Sh. S.L. Das, Director (BD&C) proposed a vote of thanks.