New Delhi, Sept. 5 -- The recent rationalisation of Goods and Services Tax (GST) is set to bring both relief and challenges across India's key sectors, according to the ICRA press release. However, in the oil and gas sector, the move could increase pressure.

Prashant Vasisht, Senior Vice President and Co-Group Head, ICRA Ltd., said, "GST has been increased on exploration, development and production of oil and gas from 12 per cent to 18 per cent which would lead to increase in the cost of production of crude oil and natural gas... moderating realisations and increase in cost of production would be a double whammy for the Upstream industry and could lead to some assets not being developed on account of poor returns."

On the other hand, Ad...