GST board will decide on September 17 ..!
The states and citizens have repeatedly called on the central government to reduce petrol and diesel prices and introduce a GST system, which is a huge burden on the Indian people and the Indian economy. .
The main reason for this is that the central government targets higher tax revenue from the sale of gasoline, diesel and other petroleum products. If this amount is lost, the revenue of the central government will be greatly affected.
Thus, many years after the implementation of the GST, all petroleum products, including gasoline and diesel, are not included in the GST system.
Against this backdrop, the GST Council will consult this week on the inclusion of all petroleum products, including gasoline and diesel, into the GST system.
GST Council Meeting
GST Council meeting is scheduled for September 17 in Lucknow. It was decided to discuss 3 important issues at this meeting.
1. One or more petroleum products from gasoline, diesel, natural gas and aviation fuel should be introduced under GST.
2. Consultations should be conducted on maintaining existing tax breaks on life-saving drugs and equipment to combat corona infection.
3. Consultations will also take place on how to make Aadhaar compulsory certification for 800,000 companies currently registered in India.
Kerala High Court
In June, Kerala High Court ordered the central government and GST Council to make an upcoming decision on the inclusion of petrol and diesel in the GST system. As a result, the GST Council is expected to make an important decision on September 17.
Taxing GST
Revised Central Government has completely changed the old and integrated indirect taxation system it into the GST taxing system. Following this change, all goods, including petroleum products, are subject to GST. But still continue to collect the old tax without collecting GST on petroleum products.
As of any date The Supreme Court of Kerala has asked the GST Council to decide from which date to levy GST on petroleum products.
One line is not allowed
Currently, according to GST Council members and information provided by GST Council, it is not possible to impose the same tax on all petroleum products. They said the GST on each petroleum product would vary depending on the required income.
Profit for the people..?!
After all, the collection of GST on petroleum products is in the public interest. Currently, more than 50 percent tax is levied on GST, but the tax will be 35 percent, including council tax, which will be levied at an additional 28 percent.
Rs 5.5 lakh crore revenue
In the financial year 201920 i.e. 2 years ago, the tax proceeds from the sale of petroleum products to the central and state governments came from Rs.
Gasoline, Diesel
Currently, a liter of petrol in Delhi sells for Rs 101.19, while the central government levies an excise tax of 32% and the state government 23.07%. At Rs 88.62 per liter, diesel is subject to a central excise tax of 35% and a state VAT of 14%.
Natural gas and aviation fuel
In the current scenario, the central government would not levy GST on high turnover gasoline and diesel. Instead, it is expected to levy GST on natural gas and aviation fuel as a first step.
