Skip to main content

Petroleum products to be brought under GST in stages, says Hasmukh Adhia

Finance Secretary Hasmukh Adhia today said the all powerful GST Council will consider bringing petroleum products under Goods and Services Tax (GST) and it could happen in phases. 
Speaking on the issue, Central Board of Indirect Taxes and Customs Chairman S Ramesh said although there is demand for bringing petroleum products under GST, the GST Council will have to finalise modalities. 
Currently, diesel, petrol, crude oil, natural gas and aviation turbine fuel are outside the purview of goods and services tax, and states have the right to impose value added tax on these items. 
"One of the demands that is there before us, we will see... everything will happen in stages," Adhia said at an event here. 
The civil aviation ministry has time and again voiced its concern on the high rate of taxes on aviation turbine fuel, which accounts for a significant chunk of an airline's operational costs and also has a bearing on air fares. 
Earlier, the civil aviation ministry had also written to the finance ministry seeking the inclusion of jet fuel under the indirect tax regime with full input tax credit at the earliest. 
Source: https://economictimes.indiatimes.com/news/economy/policy/petroleum-products-to-be-brought-under-gst-in-stages-says-hasmukh-adhia/articleshow/64883220.cms

Comments

Post a Comment

Popular posts from this blog

Investing in Gold: Bridging Tradition with Modern Strategies in India

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Gold holds a special place in the hearts of Indians, deeply rooted in tradition and culture. For generations, it has been a symbol of prosperity, a hedge against economic uncertainties, and an integral part of auspicious occasions. As we step into the modern era, the allure of gold remains, but the ways we invest in it have evolved. Let's delve into the world where tradition meets contemporary investment strategies in the context of gold in India. The Timeless Appeal of Gold For centuries, Indians have revered gold not only for its aesthetic appeal but also for its intrinsic value. Traditionally, gold has been acquired in the form of jewelry, coins, or bars, often passed down through generations as a store of wealt...
Post a Comment
Read more

E-invoice enabled for businesses with annual turnover of Rs 5 crore

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/       Introduction: In a significant move to promote digitalization and streamline the tax system, the Indian government has introduced the concept of e-invoicing. Initially implemented for businesses with a turnover of Rs 100 crore or more, the government has now extended e-invoicing to businesses with an annual turnover of Rs 5 crore. This blog post explores the implications of this development and its potential benefits for businesses. What is E-Invoicing? E-invoicing is an electronic method of generating and sharing invoices between businesses and their suppliers or customers. It involves the creation of a standardized digital invoice format, which is then authenticated by the Goods and Services Tax Network (G...
Post a Comment
Read more

Big Relief for E-Invoicing in GST

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Regards  Aseem Aggarwal CA, CPA, CS, B.Com(H) +91 7508000350 aseem@ksafirm.com LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/
Post a Comment
Read more