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The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has removed the additional scrutiny of cash deposits made during the demonetization period related to the sales of petrol, diesel, and other petroleum products. The panel, consisting of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant Member), has determined that these cash deposits are […]
The government is prepared to draw the petrol and diesel under the GST ambit given that the states would have agreed on the same mentioned by the Petroleum and Natural Gas Minister Hardeep Singh Puri. The minister sees that various countries in the world are facing the fuel shortage and higher rises in cost however […]
The Kerala high court recently found that the answers given by the centre and GST council were unable to give satisfying justification. A reason cited by the GST council was that the pandemic has created hurdles in bringing the fossil fuels under GST but was not justified at a ground level. In view of the […]
Apparently, as the price of fuel takes its utmost speed and as a result, it’s an all-time high. There is a survey which is going around that 77 % of citizens wish to indulge petrol and diesel under the range of the Goods and Services Tax ( GST). This scrutinize has been performed by community […]
Finally, the matter of petrol under GST has reached to the almighty Rajya Sabha of India in which during the ongoing Rajya Sabha session, Dharmendra Pradhan, the Minister of Petroleum & Natural Gas, confirmed that the Central government and the Industry are in favour of bringing petroleum products under the GTS ambit.
the Union Petroleum Minister assured that uniform tax structure for petroleum products would be brought into effect as soon as possible.
GST council cleared recently that whatever the cost of oil and gas manufacturers recovers from the sale of petroleum just before transferring benefits to the government which comes under the production sharing contract is not subjected to the goods and services tax.
Petroleum Minister Dharmendra Pradhan pressed that the natural gas must be brought under the Goods and Services Tax (GST) System. Pradhan said, ‘Natural gas is a cleaner fuel than coal. If coal can be brought under 5 percent GST, then why not natural gas?’ He would discuss in this matter with the Finance Minister Arun Jaitley, said Pradhan.
The official sources have mentioned that petroleum products and continuation of their VAT attraction will be soon decided by the GST council as cleared by the Maharashtra Minister Deepak Kesarkar to the legislative council.
