Finance Minister Nirmala Sitharaman has exhorted the states to give their concurrence for fixing the tax rate for five petroleum goods—crude oil, natural gas (NG), petrol, diesel, and aviation turbine fuel (ATF)—under the Goods and Services Tax (GST) to enable the GST Council to give its stamp of approval to this pending proposal.
GST is a single nationwide tax with a provision for set-off tax paid on inputs. It subsumes within it more than a dozen taxes from the pre-GST era, namely central excise duty (CED), service tax, and sales tax/value added tax (VAT). Besides, a host of local taxes exist, such as octroi, purchase tax, turnover tax, etc. The Constitutional Amendment Act of 2016 on GST, while providing for the inclusion of petroleum products under its ambit, kept them ‘zero-rated’. Hence, these goods continue to attract CED and state-level VAT.
Source: www.dailypioneer.com
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