Petrol and diesel to not be included in GST

  • Published On: 24 August 2018
  • 1036 Views

Central and state governments opposed the move, fearing loss of a major source of revenue.

For those hoping petrol and diesel would be included in the Goods and Services Tax (GST) ambit, you might have to wait much longer. According to a PTI report, neither the central government nor state governments are in favour of this move, citing that it could lead to a major revenue loss.

Petro-products such as petrol, diesel, natural gas, crude oil and aviation turbine fuel (ATF) were excluded from the GST regime. The Union Finance Ministry brought up the issue at the GST council meeting on August 4, but central and state governments were opposed to the idea.

The central government’s input tax credit reduces by close to Rs 20,000 crore, which it receives in the form of all the taxes levied on petro-products.

News You May Like

The All-New Aprilia SR Range Launched From Rs 1.08 Lakh

The updated Aprilia SR 125 and SR 160 gets comprehensive upgrades in terms of design and features

Read More
Hero Electric to Install 1 Lakh Charging Stations

Hero Electric has joined hands with the Bengaluru-based EV Charging start-up Charzer

Read More