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Home / News / Business News / Union Minister Dharmendra Pradhan proposes bringing petroleum products under GST
Business

Union Minister Dharmendra Pradhan proposes bringing petroleum products under GST

Union Minister Dharmendra Pradhan proposes bringing petroleum products under GST
Written by Ramya Patelkhana
Sep 17, 2017, 08:05 pm 2 min read
Union Minister Dharmendra Pradhan proposes bringing petroleum products under GST

Petroleum and Natural Gas Minister Dharmendra Pradhan has requested Finance Ministry to include petroleum products under GST ambit. He said there needs to be a "uniform tax mechanism"; currently, there are two types of taxes on petroleum products: central excise and state VAT. He added the Centre and state governments should come to the consensus that petroleum goods must come under GST. Read more!

Quote
GST, a well-thought mechanism by Centre and states: Pradhan

Dharmendra Pradhan stated: "This is the proposal of the Ministry of Petroleum. We have appealed to all the states and finance ministry (to bring petroleum items under GST). Looking into the consumer interest, there must be tax rationalization. GST is a well-thought mechanism."

Projects
Centre needs money for development, welfare projects in India

Commenting on the Centre's need for funds for implementing development projects and welfare schemes in India, Pradhan said that over the last three years, the government's budgetary allocation on agriculture, irrigation, railways, roads, drinking water, healthcare, education, and housing sectors has increased. He added, "We are passing the money for the greater recycling of the economy through infrastructure projects."

Daily Price Change
Centre's daily price mechanism for petrol and diesel

Pradhan justified the daily price mechanism for petrol and diesel, adding the states are getting a share of 42% in whatever is being collected by the Centre. He said domestic prices are determined by global rates, clarifying there's no mismatch or communication gap between both the prices. He added, "Whatever is the international price we are passing exactly that to the Indian consumer."

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Ramya Patelkhana
Ramya Patelkhana
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Ramya Patelkhana is a senior editor at NewsBytes. She has nearly seven years of experience in digital journalism and has previously worked with India News and Authint Media. She has a Bachelor's degree in Journalism and Mass Communication from the IK Gujral Punjab Technical University, Kapurthala, and an advanced diploma in Media Studies from IPW, New Delhi.
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