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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.
GST was touted as ‘One Nation One Tax’ since its introduction on July 1st, 2017 GST has undergone many changes both structural and provisional.
The home minister Rajnath Singh has assured that the central government is still open to consider any GST rate reduction in the view of recent 28th GST council meeting decisions.
The next GST Council meeting is all set to be held on July 21, 2018. Among many issues to be discussed in the meeting, one is related to the reduction of GST rate on various products and services, especially the ones which do not add much in terms of revenue to the government.
Arvind Subramanian, Chief Economic Advisor India mentioned in a statement that introducing a single GST rate is not relevant in India instead a three slab GST rate framework is a better option for stabilizing the revenues.
When the GST was introduced on the midnight of July 1, 2017, many pundits termed it as India’s second tryst with destiny. Tryst though is a not an appropriate word to describe a landscape changing move like GST.
On Tuesday, The Finance Secretary Hasmukh Adhia assured that the GST is now way past its troubled teething stage. Just a month ahead of its 1st anniversary, GST has now entered a smooth phase with increased tax compliance.
The Indian GST is a very complex form of indirect tax. The discrepancies in GDP growth and per capita income growth meant that the One Nation One Tax Policy unfolded as a complex fabric of multiple tax slabs intertwined in a fabric of cess and other indirect taxes.
The National Anti-Profiteering Committee owns an overarching mandate under GST. The Indian GST, a complex indirect tax structure, categorizes goods and services in five tax slabs viz.
