PETROLEUM PRODUCTS- COVERED UNDER GST OR NOT…??
- December 28, 2015
- Posted by: Indirect Tax Professionals
- Category: News
Petrol and other petroleum products would not be brought under the Goods And Services Tax (GST) regime for some time after its roll out, Chief Economic Advisor Arvind Subramanian said.
“Constitutionally petrol and other petroleum products will be within the GST system. But it would be out of the GST dispensation after its implementation for some time”, Mr Subramanian told reporters on the sidelines of an event organised by ISI in Kolkata.
He said that the GST council would decide for how long these products would be out of the new taxation regime.
“Even after GST, petrol and other petroleum products would continue to be taxed the way now both by the Centre and states,” he said.
Asked about the roll-out of GST, he said that Union Finance Minister Arun Jaitley had said that the government was hoping that the GST Bill would be passed soon.
“All depends on when the Constitution amendment bill gets cleared,” Mr Subramanian said.
Outlining the benefits of GST, he said that it would give the country a wider tax base and ‘Make in India’ drive would get an impetus.
“However, no single reform could determine the long-term growth of the country“, he said.