Word from Industry
Natural gas might be added to the GST List
June 18, 2018
In its next meeting, the Goods and Services Tax council might take up the potential inclusion of natural gas in the indirect tax regime.
The Joint Secretary of the GST council addressed a PHD Chambers of Commerce and Industry event where he said, “Petroleum is a considerably larger source for revenues not only for [the] Centre but States also and on [the] natural gas front, there is some consensus for bringing it into GST ambit and therefore, it could be the first petroleum product that could come within the GST network,” He also added that aviation turbine fuel is also on the radar and can be included in the list soon. He concluded with, “[We are] going to propose inclusion of natural gas within the GST purview on an experimental basis in the forthcoming GST Council meeting.”
At the moment, GST doesn’t include petroleum crude, motor spirit, high speed diesel, natural gas, and ATF. However, the Petroleum minister, Dharmendra Pradhan and Indian Oil Corporation chairman Sanjiv Singh strongly support the decision of including petro products and natural gas under the GST regime.
Source: The Hindu
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