GST outreach programme for oil industry stakeholders
GST
Dated:- 22-6-2017
Bhubaneswar, June 21 (PTI) Union Petroleum Minister Dharmendra Pradhan today said implementation of GST will substantially benefit Odisha with the taxing point shifting from production base to consumption.
"Odisha will be hugely benefited as the taxing point will shift from production base to tax on consumption. As Odisha is a consuming state, tax revenue will be buoyant," Pradhan said at a GST outreach programme for oil industry stakeholders here.
The outreach programme was an initiative of the Union Ministry of Finance and Ministry of Petroleum and Natural Gas, Department of Finance and Commercial Taxes of Odisha and Oil Industry Odisha.
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and promote ease of doing business.
While motor spirit, high speed diesel, aviation turbine fuel, crude and natural gas are out of GST, all other petroleum products like superior kerosene oil, LPG, furnace oil, light diesel oil and lubricants will be covered by it, officials said.
Describing GST as a win-win situation for the country, participants said it will bring benefits to all stakeholders of industry, government and the consumer.
It will lower the cost of goods and services giving a boost to the economy and make products and services globally competitive, the said.
GST aims to make India a common market with common tax rates. It will remove economic barriers, thus paving way for an integrated economy at the national level, they n
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