Union Finance Minister Nirmala Sitharaman stated on Saturday that the central government’s intention is clear: they want petrol and diesel to be subject to the Goods and Services Tax. This was in response to inquiries over whether or not these products would be included in the GST.
Will GST Include Diesel And Petrol?
Answering a question at a news conference following the 53rd GST council meeting was the Finance Minister. According to Sitharaman, it is up to the states to decide, work together, and include diesel and petrol under the GST.
“We did not discuss it (during the meeting), but for petrol and diesel, even when GST was implemented, I remember Arun Jaitley talking about it. Once the states agree, they have to decide on the rate of taxation in the council. Once that decision is taken, it will be put into action.”
According to Sitharaman, the central government intended for gasoline and diesel to eventually fall under the GST at the time the law was put into effect.
“Then we don’t have to go and amend the law. The provision has already been made that it can be brought into GST. The states have to agree, come into the GST council, and decide what rates they agree on.”
FM Sitharaman Comments
According to Sitharaman, decisions were made at the 53rd GST Council Meeting about trade facilitation, reducing the stress of compliance, and providing taxpayers with relief in terms of compliance easing out.
- We aim to make the lives of the GST assessees easier, and I want to reassure the assessees of this.
- Our goal is to achieve a decreasing amount of compliance.
- Notifications are not being sent left, right, or center on behalf of the CGST.
- Just 1.96 percent of the 1.14 lakh assessees have received any notice from the Central GST.
- Our goal is to make the procedure easier, simpler, and less laborious.
Benefits Of GST On Petrol
Customers will fare better if gasoline and comparable goods are included in the GST’s jurisdiction. For example, taxes can account for 40–50% of the cost of gas today. The highest tax outflow allowed under GST is 40% (20% for each of the maximum SGST and CGST).
Consumers will spend less than they do now for petroleum crude, high-speed diesel, motor spirit (commonly known as petrol), natural gas, and aviation turbine fuel—even if they are taxed at the existing maximum rate of 28%. There will be a significant price reduction with GST!
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