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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.
Revenue secretary Hasmukh Adhia is making every effort by spreading information knowledge regarding the upcoming Goods and services tax in India by all the means, including meeting, discussions and state visit. This time in a Q&A session via Facebook Live, he cleared out that all the traders which are dealing in the products based on petrol, diesel and other similar commodities which are exempted from the GST and have been kept under zero rate did not need to register under the Goods and service tax.
The petroleum minister comes up with a statement saying that the Ministry is continuously working towards the inclusion of petroleum in the goods and service tax framework as it is thought to provide benefit to the states in overall. Petroleum minister Dharmendra Pradhan said that “This (the inclusion of petroleum in GST) will benefit the states also
Yesterday, Revenue Secretary Hasmukh Adhia suggested the proposed Goods and Services Tax (GST) as a merger to subsume all cesses except those on petroleum.
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.”
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.
The GST regime is likely to witness the entry of the petroleum products, including crude. The step has been taken to put down the inflation pressure under control after a deep thought over the said consequences.
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.
The Indian Sugar and Bio-energy Manufacturers Association (ISMA) on Wednesday urged the Centre to undertake comprehensive GST rationalisation and provide targeted policy support across the biofuel and clean mobility ecosystem to reduce emissions, protect farmer livelihoods, cut crude oil imports, and accelerate India’s journey toward net zero. The association has outlined a comprehensive 10-point blueprint […]
