Intention of Centre to levy GST on petrol, diesel

intention of centre to levy gst on petrol, diesel

Intention of Centre to levy GST on petrol, diesel

NEW DELHI: Finance Minister Nirmala Sitharaman on Saturday said the intention of the central government has always been to bring petrol and diesel under GST, and it is now up to the states to come together and decide on the rate. She said a provision has already been made by former Finance Minister Arun Jaitley by including petrol and diesel into GST law. What is remaining is for the states to come together to discuss and decide on the rate of the levy.

"The intention of the GST, as was brought in by former Finance Minister Arun Jaitley, was to have petrol and diesel in GST. It is up to the states now... to decide on the rate. The intent of my predecessor was very clear, we want petrol and diesel to come into GST," Sitharaman said.

When GST was introduced on July 1, 2017, amalgamating over a dozen central and state levies, five commodities -- crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) -- were included in GST law but it was decided that it would be taxed under GST at a later date.

This meant that the central government continued to levy excise duty on them, while state governments charged VAT. These taxes, with excise duty, in particular, have been raised periodically.

Sitharaman said the intent of the Central Government when GST was implemented was that eventually sometime (later) petrol and diesel can be brought into GST.

"Provision has already been made that it can be brought into GST. One and only decision which is expected is for the states to agree and come to the GST Council and then decide what rate they will agree on.

"Once the states agree in the council, they will have to decide what will be the rate of taxation. Once that decision is taken it will be put in the Act," Sitharaman told reporters after the 53rd GST Council meeting.

Including oil products in GST will not just help companies set off tax that they paid on input but will also bring about uniformity in taxation on fuels in the country.

For more news like this visit The Economic Times.

OTHER NEWS

2 hrs ago

'A huge pall of uncertainty': Economic Survey 2024 sees a risk to jobs from AI, unless...

2 hrs ago

Budget 2024 expectations: 4 sectors, 19 stocks to focus on as investors prepare for Budget announcements tomorrow

2 hrs ago

Sensex, Nifty can fall up to 10% with bigger crash in smallcaps, warns Emkay

2 hrs ago

BCCI secretary Jay Shah announces INR 8.5 Crores fund to India Olympic Association ahead of Paris Olympics

2 hrs ago

TCS Share Price Target 2024: Rolls-Royce on board - BUY, SELL or HOLD?

2 hrs ago

Multibagger stock Azad Engineering corrects 22% from recent peak. Is it time to buy the dip?

2 hrs ago

Budget 2024: Capital gain taxation, missed fiscal deficit targets can upset the market, says Amit Goel of Pace 360

2 hrs ago

DLF to enter Goa market in August, to launch luxury villas costing around Rs 50 crore

2 hrs ago

Army, police defuse 8 IEDs weighing 33 kg in Manipur

2 hrs ago

Internet snapped, no VHP or Bajrang Dal in organising committee. Nuh ready for Jalabhishek Yatra

2 hrs ago

By 2030, GCCs will bring $121 bn in revenue, driving 3.5% of India’s GDP: Economic Survey

2 hrs ago

Growing Together: How Zodiac Traits Can Deepen Friendships

2 hrs ago

Microsoft outage: Why your Windows PC at home didn’t go down

2 hrs ago

Security forces likely to launch special operation in Jammu region to counter new wave of terror

2 hrs ago

Dolly Khanna adds 5 new stocks to portfolio: Here's how she adjusted her investment

2 hrs ago

'Every player who's left out...': Ajit Agarkar opens up on Abhishek Sharma and Ruturaj Gaikwad's snub from India's T20I squad vs Sri Lanka

2 hrs ago

Brian Lara's book causes controversy, Viv Richards and Carl Hooper 'disheartened by gross misrepresentations' about dressing room conversations

2 hrs ago

'Power not with state govt': BJP hits back at Mamata over 'Bengal will give shelter' remark

2 hrs ago

Can India’s shooters, wrestlers take advantage of Russia’s absence at the Paris Olympics?

2 hrs ago

Cricketer Deepak Hooda Scores Off-Field Century: Marries Long-Time Girlfriend After 9-Year Courtship

3 hrs ago

Karnataka’s domicile quota Bill on hold: What the Constitution and courts have said on the matter

3 hrs ago

All About 12th Fail Actress Medha Shankr

3 hrs ago

Did you know Ashwatthama is associated with Ketu?

3 hrs ago

Day before Budget 2024, Nirmala Sitharaman tables Economic Survey in Lok Sabha

3 hrs ago

Dilip Kumar said he had ‘hangover’ after watching Krantiveer: ‘Tell Nana Patekar, he is stuck with this label for the rest of his life’

3 hrs ago

Retail investors own Rs 64 lakh crore worth of stocks directly and via MFs

3 hrs ago

'Indian 2' box office day 10: Kamal Haasan starrer earns Rs 2 crore on Sunday

3 hrs ago

Rajesh Khanna said I was a ‘better actor’ than him; Dilip Kumar said he wanted to give some advice but…: Rajeev Khandelwal

3 hrs ago

Ram Charan to be honoured at IFFM 2024 in Melbourne

3 hrs ago

Prabhas, Deepika Padukone's Kalki 2898 AD becomes 7th Indian film to enter 1000-crore club worldwide!

3 hrs ago

Not Sanju Samson! 23-Year-Old Star Seen As Main Back-Up Wicketkeeper By India Across Formats

3 hrs ago

ITR filing 2024: A tweak leaves many taxpayers in a bind. Here's what the problem is

3 hrs ago

When Govinda declined to work with Sushmita Sen in 'Biwi No 1' before Salman Khan joined the film

3 hrs ago

This tractor maker has reached 700,000 production milestone, it's not Mahindra, Sonalika, Swaraj

3 hrs ago

S Badrinath's rant about Indian team selection criteria: Bad guy image, tattoos

3 hrs ago

Viruddh Turns 19! Amitabh Bachchan On Working With Sharmila Tagore: We Make A Convincing Pair

3 hrs ago

After Biden steps down, a number of democrats race to clinch nomination

3 hrs ago

'Govt has nothing to hide, all facts in SC, House open for any kind of discussion': Dharmendra Pradhan in LS on NEET-UG

3 hrs ago

India needs a lot more airports in 5 years as development dreams add wings: Economic Survey

3 hrs ago

Elon Musk's shares AI fashion show video featuring PM Modi, Trump, Obama, and other leaders on the runway, and pokes fun at Microsoft outage

ALONGWALKER VIETNAM: Kênh khám phá trải nghiệm của giới trẻ, thế giới du lịch ALONGWALKER INDONESIA: Saluran untuk mengeksplorasi pengalaman para pemuda global