While the nation is eagerly waiting for some key decisions from the part of Government regarding the reduction of fuel prices, a GST Council meeting is going to be held. It is speculated that Natural Gas could be brought under the purview of GST.
GST Council Joint Secretary Dheeraj Rastogi said aviation turbine fuel (ATF) would be another petroleum product that could also be brought within the GST ambit among five petroleum products.
The inclusion of natural gas within the GST purview on an experimental basis would be put before the GST Council in its forthcoming GST Council meeting, a PHD Chamber statement quoted Rastogi as saying.
He, however, did not mention a deadline for bringing natural gas and ATF within GST.
see also: Fuel prices fall in the nation on the 9th Day; CHECK city-wise price list
While petroleum products like kerosene, naphtha and LPG are under the ambit of GST, five items in the basket — crude oil, natural gas, aviation fuel, diesel and petrol — have been excluded during the initial years.
“Petroleum is a considerably larger source for revenues not only for centre but states also and on natural gas front, there is some consensus for bringing it into GST ambit and therefore, it could be first petroleum product that could come in well within GST network,” Rastogi said, according to a PHD Chamber release.
Addressing the workshop on GST, Rastogi also indicated government’s possible intentions for revision in definition of supply under GST.
On advance ruling issue, the Joint Secretary held that in the recent past, some states have given a contradictory ruling on these to concerned stakeholders and, therefore, a policy decision is likely on setting up centralised advance ruling authorities to address relevant issues relating to GST rather than keeping redressal of such issues confined to one particular state advance ruling authority.
source: PTI
Post Your Comments