Centre Open To Inclusion Of Petroleum Products Under GST Regime, Says Nirmala Sitharaman The finance minister said the fiscal consolidation for which the government had given a road map, they are completely aligning themselves with it
By Teena Jose
Opinions expressed by BIZ Experiences contributors are their own.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
Finance minister Nirmala Sitharaman, on Wednesday while speaking at a post-Budget session organized by the industry body PHD Chambers, has reportedly said that the petroleum products would be included in the Goods and Service Tax (GST) regime but it is up to the States to agree and once its reach an agreement Centre will fix the rates on the fuels in the GST Council.
"Once the states agree, we will have the petroleum products also be covered under the GST. So, that's not so much of us not wanting it. What they have to do is to determine a rate and once they tell me the rate, we (will include these items) into the GST," said Nirmala Sitharaman in a statement.
"My predecessor had already kept the window open. Once the states agree, we will have the petroleum products also covered by GST. It is not so much of us (the Centre) not wanting it, it is the entire GST Council saying yes. They have to determine a rate and then we get it into the GST," the minister clarified.
With regard to the Budget analysis, the minister summarized it and said that, "Budget is fiscally responsible with a very clear target to give growth a momentum. It is largely looking at sustaining growth through capital expenditure, not forgetting inclusion, not forgetting the necessity to keep our youth ready for job markets."
Specifically mentioning about the lower customs duty on critical components, Sitharaman said that, "The Indian exporters will have to be far more receptive of what is happening there or even foresee how that will pan out for them and keep constantly engaging with the government."
The finance minister said the fiscal consolidation for which the government had given a road map, they are completely aligning themselves with it. "If anything I must credit the entire ministry for ensuring that we were able to give a Budget which is fiscally responsible but very clear on the target that is growth has to be given the momentum. That is how I can summarise the Budget," said Sitharaman
