GST: Core sector to face challenges

The Goods and Services Act on core sectors may be challenging to implement, say experts. The worry is not about filing the returns, but the complexity of managing it and maintaining the records, say industry experts across the sectors.

The final GST rate excludes crude oil, natural gas, petrol, diesel and jet fuel but includes kerosene, liquefied petroleum gas and naphtha. The first hurdle that needs to be resolved is oil companies will have to follow two sets of tax systems in the GST era. Sachin Menon, national head (indirect tax) at KPMG India, points out that tax credit cannot be transferred between the two systems. Read More…