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.
Oil Minister Dharmendra Pradhan said he has requested the Ministry of Finance to bring petroleum products under the ambit of Goods and Services Tax (GST) in the interest of consumers.
Finance Minister Arun Jaitley’s plea to states to lower VAT on hydrocarbons appear to have had an impact and the country’s manufacturing sector may have reason to cheer over cheaper input costs, according to reports.
Petroleum Minister Dharmendra Pradhan had on Wednesday said that the government is thinking about bringing fuels prices under the ambit of GST which will lessen the price burden on consumers.
The Goods and Services tax (GST) was introduced in India from July 1, 2017 which subsumed all indirect taxes levied by the central and state governments. However, petroleum products such as petrol, diesel, jet fuel and natural gas were kept out of the purview of GST in order to preserve the revenue acquired by the states.
Finance Minister Arun Jaitley is “seriously” considering the demand of automobile manufacturers which have raised concerns over rise in cess on luxury vehicles, Union Heavy Industries Minister Anant Geete said today.
Addressing the workshop on ‘Converging the Divergence between Diesel and Petrol Prices’ here today, the Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan said
The Centre has asked states to reduce to sales tax or VAT on products like natural gas that have been kept outside the Goods and Service Tax (GST) but are used as input by industries subjected to the new indirect tax regime.
In what signifies a major pick-up in solar capacity addition pace in India, projects worth 4,765 MW were commissioned in the first six months of 2017,compared to 4,313 MW that was added in the whole year of 2016, according to an industry report.
Responding to a question on NTPC operating stressed assets taken over by banks, the minister said: “That’s a suport they provide to anybody in the public or private sector.