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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 GST council has been callings numerous meeting sessions from August starting from the day when parliament and both the house of states cleared the GST bill with the consent. In this same line-up, the GST council held a three-day session in Delhi for finalizing the GST rate.
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.
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.
Usually, the winter session of the parliament takes off in the third or fourth week of November, but this time, it has been scheduled on November 16 and the major discussion to take place will be GST. As we all are aware of the fact that the Govt. is very keen towards implementing the new tax reform by the proposed deadline i.e. April 2017. The center doesn’t want any stone left in the successful roll-out of the GST across the nation.
The central excise and customs department has declared a protest will be held stretching across the nation and a mass casual leave will be taken on ‘budget day’ to show off the discontentment regarding the issue of GST and its implementation.
It has been about 2 months since GST was implemented in the country. The main aim of implementation of new tax regime is one nation, one tax, one market.
E-commerce or electronic commerce (an online shopping hub) manages the buying and selling of products and services exclusively through electronic channels. E-commerce captures around 33% of the global market with a positive growth in near future.
The GST Council has been inviting more number of states to discuss over GST in order to clear all the doubts and fix the issues before the deadline. The first meeting of GST held on Thursday has decided to hold the predetermined date of the roll out to be 1st April 2017.
