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Petroleum products to be under GST soon

GST council is expected to take up a proposal to tax petroleum products including crude.At present petroleum is under preview of GST but it is in zero rated goods barring the free flow of input tax credit of GST. Petroleum industry is expected to suffer because of GST as they won’t be able to take credit of input of GST on their plant and machinery against the tax they will pay on output which is out of the preview of GST. 122nd constitution amendment bill kept the five petroleum items out of GST for a later date.The provisions of this Bill do not fully conform to an ideal GST regime.  Deferring the levy of GST on five petroleum products could lead to cascading of taxes.

Now GST committee may take up this proposal to tax petroleum product at a low rate to fecilitate the free flow of credit.

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