Bihar deputy chief minister and GST council’s member Sushil Modi on Thursday said the that council can think of bringing the petroleum products under the new tax regime only after the monthly revenue target of Rs 1 lakh crore is achieved.
He said there could be a “shortfall in revenue” in initial months as indirect tax rates on items are being lowered, but the revenue would increase in the long run due to greater compliance.
Modi said the new indirect tax structure would be a “complete GST” only after petroleum products, stamp and electricity duty are included.
He also said the way the GST is being implemented successfully, no state would require any compensation after three years. Read More
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