look news india
Petrol Diesel under GST: Union Finance Minister Nirmala Sitharaman said at the 53rd meeting of the GST Council that the central government wants to bring petrol and diesel under the ambit of GST, but it is up to the states to decide. “It is up to the states to work together to bring petrol and diesel under the ambit of GST,” Sitharaman said at a media briefing after the meeting, reported news agency ANI. “Petrol and diesel will be brought under the ambit of GST.”
'States should come together to decide rates'
He said, “Former Finance Minister Arun Jaitley has already made a provision to include petrol and diesel in the GST law. Now all the states will have to come together and consider fixing the rates.” Petrol and diesel have not yet been taxed under GST. The prices of petrol and diesel vary in different states.
Finance Minister GST Council Meeting
Regarding the GST Council meeting, the Union Finance Minister said, “Many decisions have been taken in the 53rd GST Council meeting today to provide relief to taxpayers. This will benefit traders, MSMEs and taxpayers. The GST Council passed the GST Act. It is recommended that interest and penalty on demand notices issued under section 73 be waived, except in cases of fraud or misrepresentation.”
“For all notices issued under section 73 for the financial years 2017-18, 2018-19 and 2019-20, the Council has recommended waiver of interest and penalty on demand notices, which has not been implemented,” he said.
When GST was implemented on 1 July 2017, it included more than a dozen central and state levies. However, it was decided that five commodities – crude oil, natural gas, petrol, diesel and aviation fuel (ATF) – would be taxed later under the GST law.