Petroleum products to remain outside GST ambit
The Hindu
Compensation Cess to continue till March 2026: Finance Ministry.
The Goods and Services Tax (GST) Council has decided to keep petroleum products out of the GST regime, while Indian consumers will have to keep paying the levied on products like automobiles till March 2026 instead of July 2022 as originally envisaged at the time of rolling out the indirect tax regime.
Union Finance and Corporate Affairs Minister Nirmala Sitharaman, who chaired the first physical meeting of the Council in nearly two years, said a discussion on including petroleum products in the GST regime was held purely at the behest of the Kerala High Court, which had suggested that the Council take it up in response to a writ petition.
“The Council members spoke very clearly that they don’t want petroleum products to be included in GST at this time. We shall report the same to the Court that the Council has discussed it as per their desire and the GST Council felt this wasn’t the time to bring petroleum products into GST,” Ms. Sitharaman said.