As per the Latest Update, the petroleum products are totally out of consideration in terms of the applicability of VAT & other taxes. Therefore, there is no effect of GST on petroleum products.
The Goods and Services Tax law is going to be implemented from July 2017. Many goods and services are brought under the purview of GST. The notable exclusions are petrol and diesel. The public will be largely benefited if these two items are brought under GST as the maximum rate that can be applied is 28%. Now we are paying more than 50% as taxes on these two items. The Government can benefit people from all cross sections by bringing petrol and diesel under GST.
Just like any other item, petrol and diesel is a consumable item and should be brought under the ambit of GST because everything else is covered. There is no relief for the common man under GST, so at least petrol and diesel will be cheaper and commuting from place to place will ultimately be cheaper. Transportation costs of goods will be cheaper, bus fares will be cheaper, train fairs will be cheaper, taxis hiring will be cheaper. Just imagine if the cost of fuel is lowered then a host of things can get cheaper and will be benefited by millions of people. Why doe this government not acting on this?
So What do you think about this?