Hailing the GST Council’s decision to reduce tax rates on several items and services, President of PHD Chamber of Commerce and Industry, Rajeev Talwar on Sunday urged the government and the council to consider bringing petroleum products under the ambit of Goods and Services Tax (GST).
“Considering the volatility in the international crude oil prices, petroleum products should also be considered under the GST to rationalise the impact of indirect taxes by subsuming VAT (Value Added Tax) and excise duties in GST,” the industry body said in a statement quoting Talwar.
Currently, petrol and diesel are outside the purview of GST, and attract excise duty and VAT among other levies. Sector experts say, bringing the two under GST would lower their price, which this year surged to record levels, before taking a downturn in mid-October. Read More