GST on Natural gas and ATF may be a reality soon:
GST council in its next meeting may decide for GST on natural gas and ATF. Petroleum products are outside the preview of GST. Levy section of GST has deferred the levy of GST on five petroleum products. Although there is a demand to bring those products under GST. Prices of petroleum products are rising and their inclusion in GST will be helpful to control their prices.
The rate at which these two products will be taxed is yet to be decided, the official said, adding that ATF may attract 12 percent tax.Discussion regarding inclusion of natural gas and ATF has already begun. If there is consensus, the Council, may introduce these products under GST.
In current structure both excise duty by center and VAT by states is leviable on petroleum products.
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