GST On Petroleum

The Centre is likely to convey that GST revenues would do better than expected this year and a compensation cess of Rs 1 trillion would be released to states

Many states are open to the idea of petrol and diesel being brought under the goods and services tax (GST) regime - contrary to the perception that they are averse to it.

The two-year period for keeping petroleum products outside GST is almost over, said Assocham

The chairman of Congress manifesto committee P Chidambaram chaired the discussion

For petrol and diesel, the total incidence of present taxation is already beyond the peak rate

Jaitley had said that the Centre wanted to bring petroleum under the ambit of GST and was awaiting responses from states

The Madhya Pradesh govt has reduced VAT on petrol and diesel by three and five per cent, respectively

He says bringing petroleum products under the ambit of the GST would provide relief to the customers

While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices