No proposal by GST Council to bring Petrol, Diesel, Natural Gas under GST

No proposal by GST Council to bring Petrol, Diesel, Natural Gas under GST

Studycafe | Mar 16, 2021 | Views 2263860

No proposal by GST Council to bring Petrol, Diesel, Natural Gas under GST

No proposal by GST Council to bring Petrol, Diesel, Natural Gas under GST

Due to the high prices of Petrol, Diesel, Natural Gas, motor spirit (commonly known as petrol), etc, there were speculations that Government may bring them under the purview of GST. The idea behind this thought was that once they come into the purview of GST, ITC would be available thus reducing their cost.

But our Finance Minister Mrs. Nirmala Sitharaman cleared out these speculations and said “At present, there is no proposal to bring crude petroleum, petrol, diesel, ATF, and natural gas under GST”. This statement was made by her in a written reply to a question in the Lok Sabha.

As per GST Law, the GST Council will recommend the date on which the goods and services tax be levied on petroleum crude, high-speed diesel, natural gas, and ATF (aviation turbine fuel). And no representation has been made by GST Council so far.

Next GST Council meeting will be held in Mid March. This will be 44th GST Council Meeting.

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