Petrol, Diesel Can Be Brought Under GST; Price Will Come Down Now?
According to persons familiar with the topic, an Indian ministerial panel on the country’s goods and services tax will propose taxing petroleum items at a single national rate, potentially causing a significant change in consumer costs and government revenue.
On September 17, the GST Council meeting is scheduled in Lucknow.
Petroleum Items Will Be Taxed At A single national rate
On September 17, the GST Council may explore taxing gasoline, diesel, and other petroleum goods under a unified national GST regime.
Finance Minister Nirmala Sitharaman, will consider the suggestion at its panel meeting on Friday. An Indian court has requested to take the matter seriously.
This matter was addressed by some people who asked not to be identified since the meeting’s agenda isn’t public.
GST Increase In These Items
The GST panel which is planned to be scheduled on Friday is also expected to consider extending rebates on several pharmaceuticals used in Covid-19 treatment for another three months, until December 31.
Also most likely the government will provide solutions for compensating states for GST losses beyond next year.
According to CNBC-TV18, GST on some renewable equipment and iron, copper, and other metal ores and concentrates might get affected.