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    GST Council may weigh GST on petroleum goods at July 25 meet

    Synopsis

    The council is expected to take up the proposal on rate cut on electric vehicles from 12% to 5%.

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    The GST Council appears to have taken cognisance of the long-standing demand to bring petroleum goods under the GST ambit.

    Sources told ETNow that the council is likely to discuss bringing petroleum products under GST in its next meeting on Thursday, July 25. While a concrete decision is not expected soon, it will certainly set the ball rolling.

    Besides having a discussion on bringing petroleum products under GST ambit, the council is expected to take up the proposal on rate cut on electric vehicles from 12 per cent to 5 per cent and lower levy on on EV chargers as well as on solar-powered equipment.

    The proposals for rate cut on EVs, EV chargers were sent to the fitment committee during last meeting. The council is also likely to discuss GST exemption on hiring electric buses besides looking into the issues being faced by taxpayers in filing annual returns.

    The council may also discuss issues faced by small businesses from the services space who want to opt for the composite scheme.
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    12 Comments on this Story

    Rameswar Pattanayak384 days ago
    People with active advice from Cheat Assisters(CA) have found way to tweak GST around making evasion possible to the tune of 70%. Government must take the following steps rule out ecvasion by:
    1. Make all B2B transactions electronic
    2. Activate real time credit of tax
    3. Denial to accept card payment punishable
    4. No cash deposit in to Non individual Account
    5. No exemption, composite scheme etc
    6. Self usable ITR for small businessman/Traders
    7. Commission for small trader on tax collected
    Hudaf Shaikh385 days ago
    Bringing petroleum goods under GST will hugely benefit ONGC and PSU oil companies and hence will be a huge positive for the economy.
    Yashodhan Muzumdar385 days ago
    if fuel taxes are brought under GST then majority of states will become bankrupt. this will lead to more international borrowings surpassing last 5 years total of RSI.45 lakh crores.
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