Article issued in Times of India e-paper dated 18.06.2019 Mumbai Edition.

Article issued in Times of India e-paper dated 18.06.2019 Mumbai Edition.
Tuesday, June 18, 2019
View All News

Dear all,

Your association SIMA is forwarding herewith an article published by the Times of India e-paper, dated 18.06.2019.

Govt. rules out bringing oil products under GST for now: TOI, dated 18.06.2019.

As per the article, The Centre has virtually ruled out including petroleum products within the ambit of GST immediately, turning down repeated demands from the aviation sector and oil companies.

Even the petroleum ministry had taken up cudgels for the sector that has been arguing that benefit of GST is not accruing to them as companies cannot claim input tax credit. The credit can only be claimed if the entire chain from inputs to the final product pays GST.

The Centre is, however, of the view that the change in the regime may not pass muster with the states, which want to retain flexibility in taxing a few items that they have control over. Stamp duty on real estate, excise on alcohol and petroleum products are among the handful of items on which states still have control after the introduction of GST.

At the time of the introduction of GST two years ago, the states and the Centre had decided to pool their powers, which now vests with the GST Council. The panel headed by the Union finance minister now decides the rates and the indirect tax regime, leaving only a few items with the state FM.

To read the full article PLEASE CLICK HERE

This is for your kind information.

Thanking you,

With regards, 

For Silvassa Industries & Manufacturers Association    

Narendra Trivedi 


Other News by SIMA