Preparations to bring Natural Gas in the ambit of GST (Goods and Service Tax) soon have been accelerated. If sources are to be believed, this can be considered in the 41st meeting of GST Council to be held on August 26. If this happens, the common man will get a big relief.
new Delhi. The practice of bringing natural gas under the purview of GST (Goods and Service Tax) has been going on for a long time. But now it can be decided soon. According to information received from sources to CNBC Awaaz, it can be decided before Gas Trading Regulations. Because companies say that, every state has different taxes. It will be very difficult to trade in such a situation. That is why they have suggested to bring it under the purview of GST.
What will happen to customers?It is expected that PNG (piped natural gas) and CNG (compressed natural gas) may be cheaper if natural gas is brought under the purview of GST. Let us also tell you here that at present five petroleum products are out of GST, Diesel, Petrol, ATF and Natural Gas. Now it is for the GST Council to decide when to impose GST on these five products. Because the demand to bring these petroleum products under the purview of GST has been arising for quite some time.
What will happen when GST comes under the purview – Earlier, the Petroleum Ministry has also asked to bring natural gas under the GST ambit. If natural gas is now brought under GST, then it will be taxed at the same rate at any place in the country. After coming under GST, the excise duty and VAT on this will be eliminated. The booklet states that this will increase economic activities, which will increase the state domestic product and accelerate socio-economic development. Ultimately, this will create employment opportunities.
Source: hindi.news18.com
