why needs to bring petroleum under GST?
Answers
because huge amount can be generated through petroleum when bought under GST so the govt gets more revenue and introduces more schemes for the welfare of the country...
petroleum under GST:-
Hailing the GST Council's decision to reduce tax rates on several items and services, President of PHD Chamber of Commerce and Industry, Rajeev Talwar on Sunday urged the government and the council to consider bringing petroleum products under the ambit of Goods and Services Tax (GST).
"Considering the volatility in the international crude oil prices, petroleum products should also be considered under the GST to rationalise the impact of indirect taxes by subsuming VAT (Value Added Tax) and excise duties in GST," the industry body said in a statement quoting Talwar.
Currently, petrol and diesel are outside the purview of GST, and attract excise duty and VAT among other levies. Sector experts say, bringing the two under GST would lower their price, which this year surged to record levels, before taking a downturn in mid-October.