October 23, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Petrol, diesel not under the purview of GST, says FM Nirmala Sitharaman

The GST Council meet concluded today and it was decided to continue keeping petrol and diesel out of the GST purview as subsuming the current excise duty and VAT into one national rate would impact revenues.

Including petrol and diesel under GST would have resulted in a reduction in near record-high rates.

Sitharaman said the Council discussed the issue only because the Kerala High Court had asked it to do so but felt it was not the right time to include petroleum products under GST.

“It will be reported to the High Court of Kerala that it was discussed and the GST Council felt that it wasn’t the time to bring the petroleum products into the GST,” she said.\

Also, the Council cut GST rate on fortified rice kernels to 5 per cent from 18 per cent and on bio-diesel for blending in diesel to 5 per cent from 12 per cent, while national permit fee for goods carriage has been exempt from GST.

GST on ores and concentrates of metals such as iron, copper, aluminum and zinc has been increased from 5 per cent to 18 per cent and that on specified renewable energy devices and parts from 5 per cent to 12 per cent.

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