Chief Economic Advisor, Mr. Arvind Subramanian told the reports that oil products as Petrol and other petroleum products will keep out of the Goods and Services Tax perimeter for some time after its implement in the Parliament. The GST Bill is stuck in Rajya Sabha in the winter session and now the government is looking forward to pass the GST Bill in the Budget session of 2016.
Speaking at an event of ISI, Mr. Subramanian said, “Constitutionally petrol and other petroleum products will be within the GST system. But it would be out of the GST dispensation after its implementation for some time.”
He also said that the GST board would take a decision regarding the petroleum products that how long products would be out of the Goods and Services Tax.
He told, “Even after GST, petrol and other petroleum products would continue to be taxed the way now both by the Centre and states.”
When asked to him regarding the passage of GST then Mr. Subramanian told the reports that FM Mr. Arun Jaitely and government was hoping that the Indian’s biggest taxation bill, GST would be rolled out very soon. Moreover, GST software is being developed by an Indian MNC – Infosys.
He further said, “All depends on when the Constitution amendment bill gets cleared. However, no single reform could determine the long-term growth of the country.”
