No. of views : (3457)
Petroleum cannot fall under GST ambit, sources
Posted on: 23/Dec/2017 3:30:23 PM
Including petroleum products under the ambit of GST might not be possible at all, as the centre largely depends on them for revenue collection, say sources.
Arun Jaitley, the Finance Minister told the Rajya Sabha on 19th December that the centre agreed upon bringing them under the GST, but it needs the state to agree with it before taking a final call.
Today, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) said that it has always aimed at including petroleum products under GST so as to have its impact on the overall efficiency of fuel value chain, thus bringing down tax burden for customers.
However, there is a lot of dependence on petroleum sector both by the Centre and by the State in terms of revenue collected from it. On petrol and diesel, about 100 to 130 percent tax is imposed, it added.
28 percent is the maximum GST slap. In spite of adding cess in addition, the maximum can be 50 percent and it would still be a gain for the consumers. The government would not easily agree to it, said D S Rawat, the Secretary of ASSOCHAM.
Post your requirement - We will connect with the right vendor or service provider
