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GST has arrived with various comments which are not supporting its implementation as the former finance minister P Chidambaram clearly stated a negative opinion about the upcoming taxation regime.
Oil Minister Dharmendra Pradhan said that “GST Council will decide on this (taxation of petroleum products). On behalf of the industry, I would request the states to allow petroleum products to be brought under GST taxation.”
The Government of India on Sunday stated that the GST payments can be made online with the help of Credit or Debit cards. Hasmukh Adhia, Revenue Secretary, while addressing the Global Investors Summit said,
IATA (International Air Transport Association) has asked for some modifications in the Airline tickets rate under GST. According to IATA, the Aviation sector was already under high tax burden and GST should help the sector abide by global standards.
Government’s recent proposal to consider petroleum products under GST is a welcome move towards the rationalization of GST regime. Products like kerosene, naphtha and LPG will be under GST regime while the other items like crude oil, natural gas, aviation fuel, diesel, and petrol are out of GST regime during the initial years.
Central Board of Excise and Customs has given a clear indication to its working staff to shed off all the pending cases related to drawback payments and clearing pending refunds. The announcement has been made in order to make the way for GST and giving it a smooth hassle free structure to operate.
The Indian government has been looking to implement a diverse range of GST rates and it has been cleared from the finance minister itself when he spoke about the polluting products and their chances to attract higher GST rates.
Finance Minister has cleared one more thing before the GST comes into existence that the tax rate would be proportionately higher for the products and items which are degradable for the environment and subsequently causing harm to it.
All under-construction properties will invite a GST of 5 per cent with no input tax credit. However, GST will not be applicable to ready-to-move-in properties.
