Kolkata: Union Finance Minister Nirmala Sitharaman announced that petrol and petroleum products are already under Goods and Services Tax (GST) and the states have to determine when they need petrol and petroleum products to be charged under GST.“Whenever the States are ready to bring in petroleum under the GST, another amendment will not be required. It is, now, up to the States and also the GST Council to take a call on when they want it to happen,” Finance Minister Sitharaman said at a press conference.
She also said that the petroleum goods have been put under the GST administration because of the forethought of the late Finance Minister Arun Jaitley.”Even as the GST was fixed and rolled out, a lot of reviews had taken place about petrol and petroleum products. At that time my forerunner, late Arun Jaitleyji made a procurement. The bill was inclusive of zero-rated petroleum product provision in GST,” she said.
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“Petroleum as an item product has been included without any tax on it. So when the GST Council takes a call, a rate will be decided and the rate will be added,” she added. Finance Minister Sitharaman said this while talking to the industry leaders at a post-Budget communication coordinated by the Ministry of Finance in Kolkata. Comparable interactions have been carried in Mumbai and Chennai as well.
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