Now that GST rates for over 500 services and 1,200 goods have been finalised, the clamour to get petroleum products in the Goods and Services Tax (GST) net is growing, with the first salvo being fired by Jammu and Kashmir.
While products like kerosene, naphtha and LPG will be under the ambit of GST, five items crude oil, natural gas, aviation fuel, diesel and petrol have been excluded from the basket for the initial years.
In an interview to PTI, J&K Finance Minister Haseeb Drabu said the five excluded petroleum products have to be brought under the GST “otherwise what is the point of “the biggest shakeup in the nation’s tax system since independence. Read More…
Credit By : Outlook India
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