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CII urges govt to bring oil, natural gas under GST

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 CII urges govt to bring oil, natural gas under GST
The Confederation of Indian Industry (CII) has proposed including all petroleum products in the goods and services tax (GST) at the earliest.The GST was rolled out on July 1 last year, and it subsumed most of the central and state indirect taxes into a single tax. However, petroleum products like crude oil, natural gas, diesel, petrol, and aviation fuel are out of the GST ambit.
In its suggestions to the Centre, the CII has said till such time as this is done,CForms should be continued to avoid a high tax incidence on these products.
Though the understanding is that the previous value added tax and central sales tax (CST) rules would continue to apply to the excluded products, the related sectors continue to incur huge GST impacts on all inputs without any setoff, as sales of crude oil and natural gas are outside the purview of the GST and are subject to the existing Oil Industry Development Board cess, CST Act, and state value added tax, saidaCII press release.
The Business Standard, New Delhi, 17th January 2018

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