Will petroleum products come under GST?

New Delhi: Petroleum, Natural Gas and Steel Minister Dharmendra Pradhan has urged Goods and Services Tax (GST) Council to bring petroleum products under GST purview as early as possible.

Currently, petroleum products attract central excise duty and value added tax (VAT) levied by states.

Pradhan mentioned that if the GST Council decides to bring petroleum products under GST purview, it will be a big relief for common man.

It will also be very helpful for the growth of the oil and gas sector.

"We are consistently requesting the GST council to include petroleum products under its purview as it will benefit people. But it is their call to take," he said.

The GST Council is an apex member committee to modify, reconcile or procure any law or regulation based on the context of GST. The Council is headed by the Finance Minister Nirmala Sitharaman assisted by finance ministers of all the states of India.

The next GST Council meeting is scheduled to be held in March.

 

 

Asianet.in/NewsDesk: Asianet Online