Petro products will come under GST

Petro products will come under GST in the end, said by CBIC chairman

” 28% GST Tax rate bracket has reduced hugely and it’s just about 50 items” says Vanaja N Sarna, CBIC chairman

In Goods and Services Tax (GST), the biggest tax revolution since Independence will completes one year on 1st July, the Central Board of Indirect Taxes and Customs (CBIC) chairman Vanaja N Sarna, on Tuesday said petro products will come under GST.

However, Sarna also said that there is no requirement to reduce number of items in a hurry in the 28% GST bracket, because this involves a certain reduce the revenue collection and increase burden over government.

Speaking with a news channel, she also said the number of items in 28% GST bracket has reduced hugely.

“As a matter of discussion, the council may like to take a view on the need to reduce rates. But it has revenue implication and has to be looked holistically,” she added.

Talking on some steps like E-way bill for both intra – state And Inter – State movement of goods will boost GST revenue collection. Input tax credit (ITC) will help to reduce the prices that also power booster for Economy.

she said post March GST revenue total collection has been mop up and there is need to reduce tax over many products.

On imposition of cess on sugar to bail out the sugarcane industry, Sarna said that Group of Ministers will look in to the issue and will try the issue as soon as possible.

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We will provide very soon E – way Bill related single solution for all states very soon after few week.
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