Looking Forward For Constitutional Amendment Bill-tokyo hot n0476

Taxes The Centre finally makes it clear that it is not possible to bring Aviation Turbine Fuel (ATF) under the scope of the proposed Goods and Services Tax (GST), as per the model suggested by the states. The Oil Industry came out with a demand to include crude oil and its products, and natural gas in the up.ing GST regime. We often used to see different fuel prices from states to states and the main reason for this is the different tax rates structure followed by the states according to their budgetary targets. Earlier our Finance Ministry proposed to keep crude oil, petrol, diesel, ATF and natural gas permanently outside GST through a Constitutional Amendment. There are many states in India who heavily depends on collections from levies on oil products to make up for their budgetary targets. So this has been proposed basically to protect the finances of states. However, recently a letter has been written by the Petrofed, a body representing both public and private sector .panies like Indian Oil Corp, seeking inclusion of crude oil, petrol, diesel, aviation turbine fuel (ATF) and natural gas in the Goods and Services Tax . According to Petrofed, the inclusion of petroleum products under GST will eliminate twisted wires of taxes paid by suppliers as well as by the industry at different stages in the petroleum value chain. Further, it will also enable the States and the Centre to capture full revenue potential up to sale to final consumers. The 13th Finance .mission has also re.mended that petrol, diesel, ATF, crude oil and natural gas should form part of GST legislation. Even it has also re.mended that, if necessary, an additional tax can also be levied on these .modities in addition to the GST to look after the financial concerns of the states. But our Finance Ministry wants to keep them permanently out of the GST through Constitutional Amendment. It is well known fact that a lot of things is required to be done for the introduction of the Goods and Services Tax but one thing is certain here that the Government is looking forward to continue the GST process as well as at the same time will try to develop the Consensus between the Centre and the State Governments. About the Author: 相关的主题文章:

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