Will petrol and diesel come under GST? Nirmala Sitharaman replies | Latest News India - Hindustan Times
close_game
close_game

Will petrol and diesel come under GST? Nirmala Sitharaman replies

Jun 22, 2024 10:08 PM IST

Petrol and diesel are not yet taxed under GST. Instead, these fuels, along with natural gas, ATF, are subject to VAT, central excise duty, central sales tax.

Union finance minister Nirmala Sitharaman said that the Centre wants to include petrol and diesel within Goods and Services Tax (GST) and it is upto states to decide.

 Union finance minister Nirmala Sitharaman addresses a press conference after the 53rd GST Council Meeting, at the National Media Center in New Delhi on Saturday. (ANI Photo/Jitender Gupta)(Jitender Gupta )
Union finance minister Nirmala Sitharaman addresses a press conference after the 53rd GST Council Meeting, at the National Media Center in New Delhi on Saturday. (ANI Photo/Jitender Gupta)(Jitender Gupta )

“...At the moment, the intention of the GST as it was brought in by former finance minister Arun Jaitley is to have the petrol and diesel in GST," Sitharaman said in the post-meeting media briefing, ANI reported.

"It is up to the states to decide and come together and get petrol and diesel into GST. The intent of the Central Government is clear, we want the GST to include petrol and diesel,” she added.

ALSO READ- GST collection zooms past 2L-crore barrier in April

Petrol and diesel are not yet taxed under GST. Instead, these fuels, along with natural gas and ATF, are subject to VAT (Value-Added Tax), central excise duty, and central sales tax. Petrol and diesel prices vary from state to state.

ALSO READ- GST Council meet: Biometric authentication among 10 big announcements by FM Nirmala Sitharaman

53rd GST Council meeting | Top decisions

• The GST on all kinds of carton boxes has been reduced from 18 per cent to 12 per cent. This reduction is especially beneficial for Himachal Pradesh's apple horticulturists and related industries.

• The meeting aimed to ease compliance burdens for small and medium taxpayers.

• A monetary limit has been set for tax department appeals: 20 lakh for GST Appellate Tribunal, 1 crore for the High Court, and 2 crore for the Supreme Court. The tax department generally won't appeal if the amount is below these limits.

ALSO READ- Nirmala Sitharaman chairs first pre-Budget consultation meet ahead of Budget 2024-25

• The maximum pre-deposit amount for filing an appeal has been reduced to 20 crore for both CGST and SGST.

• Services provided by Indian Railways, like platform tickets and retiring rooms, are exempted from GST.

• Hostel accommodation services outside educational institutions are exempt from GST if the cost is up to 20,000. It is meant for students or working class and exemption can be availed only if the stay is up to 90 days.

Saturday's Council meeting was held after a gap of eight months. The 52nd GST Council meeting took place on October 7.

Catch every big hit, every wicket with Crickit, a one stop destination for Live Scores, Match Stats, Infographics & much more. Explore now!

See more

Get Current Updates on India News, Budget 2024, Weather Today along with Latest News and Top Headlines from India and around the world.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, July 15, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On