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GST on Petrol, Diesel, LPG | Government Ready to Bring Petroleum under GST

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GST on Petrol

On Tuesday, Union Finance Minister Arun Jaitley supported the idea of bringing petroleum products such as petrol, diesel and LPG (cooking gas) under the new Goods and Services Tax (GST) regime and hoped for the consensus of the states. Responding to opposition concerns in the Rajya Sabha over not bringing petroleum under the GST net, Arun Jaitley said,

“We are in favour of bringing petroleum under GST.”

Telugu Desam party MP Devendra Goud raised the question to Arun Jaitley in the Rajya Sabha as to when the government would bring petroleum under the GST.

“The constitution amendment which has been passed and ratified by state assemblies have kept petroleum and petroleum products as part of the GST, but a decision to levy the GST on petroleum can be taken only after the GST council takes a decision. We don’t need to amend any law if petroleum products are to be brought into the GST, but only after the council takes a decision is when it will be introduced,”

GST on Petrol, Diesel, LPG | Government ready to bring Petroleum under GST

GST on Petrol, Diesel, LPG | Government ready to bring Petroleum under GST

Former finance minister P Chidambaram also asked when will the government clarify its position on the matter and the council will decide on it and added,

“Now that BJP is in power in 19 states and at the Centre what prevents them from bringing petroleum products under GST? When will the GST Council take up this subject?”

Last week, Bihar Finance Minister Sushil Modi had discussed that the GST Council should consider of bringing electricity, petroleum products and some other items under the ambit of GST in future. He said,

“Electricity, real estate, stamp duty and petroleum products should become part of GST (Goods and Services Tax). This would be our (GST Council) endeavour,” he said at the annual meet of industry chamber Ficci.

GST on Petrol, Diesel, LPG | Government ready to bring Petroleum under GST

GST on Petrol, Diesel, LPG | Government ready to bring Petroleum under GST

The Finance minister said the government was hopeful that a consensus will be reached among the states to bring petroleum under GST.

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A Mechanical Engineer by education but a content writer by passion. He has been in the field of Content Writing and Marketing for six years. He loves to write in a wide range of genres. Contact me at [email protected]

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