Petroleum is the taxation milch cow for the central and the state governments and it is unlikely to be brought under the Goods and Services Tax (GST) any time soon.
That’s also the view of the Vice Chairman of Niti Aayog, Rajiv Kumar. Several senior ministers have demanded that petroleum products — basically petrol and diesel — be brought under the the new taxation regime.
But says Kumar: “It (oil) can’t be brought under GST. That’s because the total state and central taxes on petrol put together are around 90 per cent right now.”
He told IANS in an interview here: “I can’t see how any state will take a cut so huge as the highest rate under the GST is 28 per cent. A new GST band will have to be opened up — and that will be an enormous exercise.” Read More
Latest posts by The Economic Times (see all)
- America’s oil boom on fire even as wildcatters save cash - February 21, 2019
- India’s coal power plants ‘unhealthiest’ in world: Study - February 21, 2019
- GIC, ADIA To Power Greenko Again With $550m Cheque - February 21, 2019