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Bringing natural gas in GST likely to be on Council table
Why in the news ?
- The Goods and Services Tax Council is likely to take up the possible inclusion of natural gas in the indirect tax regime during its next meeting, according to a senior of ficial in the Council.
More on news
- While products such as LPG, kerosene, naphtha, furnace oil, light diesel oil attract levy of Goods and Services Tax (GST), five petroleum products — crude oil, diesel, petrol, natural gas, aviation turbine fuel (ATF) — still out of the GST ambit.
- Petroleum is a considerably larger source for revenues not only for Centre but States also and on natural gas front, there is some consensus for bringing it into GST ambit and therefore, it could be first petroleum product that could come in well within GST network.
- A senior finance ministry official said that natural gas and ATF are likely to be among the first entrants under GST but the decision to include these may not come in one Council meeting as discussions with all states may take time.
- The Joint Secretary also touched upon the issue of advance ruling, acknowledging the problems being caused by disparate and often, contradictory rulings by different States on the same issues.
- He said a policy decision was likely to be taken on setting up a centralised advance ruling authority rather than leaving the redressal to State authorities.
Source
- The Hindu .