Is petrol/ diesel in gst or not
if No so whats the treatment of filing of return...
According to the latest news under GST (22nd June), The Union Minister for Petroleum and Natural Gas plans to bring petroleum products under the Goods and Services Tax (GST) regime as it could be beneficial for the national economy.
Currently, petrol, diesel, crude oil, natural gas and jet fuel have been excluded from the GST. Presently Central Excise and VAT total is 57 %. If these essential products are brought under GST maximum tax will be only 28 %. It means price of petrol and diesel can come down by almost to 50 %. The items have deliberately been kept away from GST till now.
And hence, The Union Minsiter for the same has proposed to the GST Council to bring petroleum products under the GST ambit to boost the economy.
CAclubindia
