States Approves To Cap 5% VAT On Natural Gas, Dream Of Uniform Petrol Tax Possible
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As the petrol and diesel prices are getting higher each day the government took a step to give
relief to the people. As in the meeting, it was decided by each state committee member to
impose a cap VAT (value added tax) on natural gas. They are planning to reduce the prices of
VAT on the various other petroleum products as petrol and diesel are mostly used in the
manufacturing sector. This will be a great step in making the same prices of petroleum products
across the nation. The scheme is formulated by the ministers of each state and Good and
Services Tax (GST) will go to look it.
relief to the people. As in the meeting, it was decided by each state committee member to
impose a cap VAT (value added tax) on natural gas. They are planning to reduce the prices of
VAT on the various other petroleum products as petrol and diesel are mostly used in the
manufacturing sector. This will be a great step in making the same prices of petroleum products
across the nation. The scheme is formulated by the ministers of each state and Good and
Services Tax (GST) will go to look it.
According to the senior government officials; The council has all the rights to take a final call on
the scheme after they have the discussion with the Centre and states". This scheme was
already asked by the Centre earlier but they hold the decision and asked the states to work on
it. Another minister said that the petroleum products should be GST free.
the scheme after they have the discussion with the Centre and states". This scheme was
already asked by the Centre earlier but they hold the decision and asked the states to work on
it. Another minister said that the petroleum products should be GST free.
Central Ministers are ambit the to bring the petroleum products under GST but some states are
against it but as the centre has the power they implemented it on July 1. If the scheme is ratified
by the states it could be easy to the way the pave for the uniform taxation on all petroleum
products across the country. Dharmendra Pradhan, Petroleum Minister of India made a
strong pitch to implement the petroleum products under GST. He concluded that GST Council
should consider the products under GST.
against it but as the centre has the power they implemented it on July 1. If the scheme is ratified
by the states it could be easy to the way the pave for the uniform taxation on all petroleum
products across the country. Dharmendra Pradhan, Petroleum Minister of India made a
strong pitch to implement the petroleum products under GST. He concluded that GST Council
should consider the products under GST.
The center is going to implement the 5% VAT on Natural Gas keeping in mind that while
lowering the VAT on Petrol and Diesel industries of steel and fertilizer will not get affected. CST
(Central Sales Tax) was earlier proposed to ensure that the production cost and the cost of
manufacturing covered under GST did not increase rapidly.
lowering the VAT on Petrol and Diesel industries of steel and fertilizer will not get affected. CST
(Central Sales Tax) was earlier proposed to ensure that the production cost and the cost of
manufacturing covered under GST did not increase rapidly.
As now the VAT rate to get the petroleum products are ranging from 15% to 30%. It will be a
severe blow to the manufacturers as now they have to pay the double prices. under the GST
act.
severe blow to the manufacturers as now they have to pay the double prices. under the GST
act.
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