States have refused the central government’s appeal to bring petroleum products under the ambit of Goods and Services Tax (GST) even as prices of petrol and diesel continue to skyrocket in contrast to global standards.
Taxes constitute more than 50% of the price consumers pay for petrol and diesel. States, which charge sales tax and VAT (applied on top of the central excise duty) are reluctant to move away from the present tax regime unless the Centre promises special annual grants, top government sources told Hindustan Times.
Sources in the Union finance ministry said talks with the oil ministry is currently on but it’s the GST Council, the highest decision-making body of the indirect tax regime, that will have the final word on the inclusion of petroleum products. The Council is chaired by Union finance minister Arun Jaitley with all of his state counterparts as its members. Read More…
Latest posts by The Hindustan Times (see all)
- Railways Plans Ayodhya Railway Station As Ram Temple Replica, Says Manoj Sinha - February 21, 2018
- US Energy Secy Rick Perry To Meet Union Ministers Pradhan, Goyal To Discuss Crude Oil, Cleaner Coal - February 19, 2018
- Umbarmali, Thansit Are Now Official Stoppages For Trains On Kalyan-kasara Line - February 18, 2018