Not appropriate stage for bringing Petroleum Products in GST Ambit
The GST Council’s 45th meeting was held in Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. GST Council has inter-alia made the following recommendations that ” Not appropriate stage for bringing Petroleum Products in GST Ambit”
The question of whether some petroleum products should be included in the scope of GST was referred to the Council for consideration in light of recent directives from the Hon’ble High Court of Kerala. The Council decided after careful consideration that it was not acceptable at this time.
The Goods and Services Tax (GST) is a “single tax” that applies across India, with a provision for tax paid on inputs being offset. Although crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were included in the GST constitutional amendment act, they were kept as “zero-rated” in the calculation of GST.