Panchratnas cry for Equal rights under GST
By: – Swati Kharkia
Goods and Services Tax – GST
Dated:- 12-10-2017<\/p>\n
GST – One Nation One Tax – is an initiative by the Government to eliminate various indirect taxes and incorporate all of them into one, thereby reducing the tax complexity. But five products viz petroleum crude, high-speed diesel, motor spirit (commonly known as petrol), natural gas and aviation turbine fuel – the “Panchratnas” were not lucky enough to be given the opportunity to taste the fruits of this simple tax regime.
\nIn this regard, reference may be made to Section 9(2) of the CGST Act, 2017 which states that the central tax on the supply of petroleum crude, high-speed diesel, motor spirit (commonly known as petrol), natural gas and aviation turbine fuel shall be levied with effect from such date as may be notified by the Government on the recommendations of the Council.
\nA perusal of the above indicates that the Government may bring these five petroleum<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n are levied to GST, their prices would be reduced to almost half. If we look into the present situation of the economy, petrol prices recently touched ₹ 80\/litre in Mumbai, ₹ 74\/litre in Kolkata while it is over ₹ 70\/litre in Delhi and Bangalore. According to the data released by the Indian Oil Corporation BSE for the petrol price build up in Delhi, the fuel costs only ₹ 26.65 at the refineries. Dealers get a litre of petrol at ₹ 30.70 which is sold at ₹ 70.39\/litre in Delhi. This means that ₹ 39.69 is charged as tax component and dealer's commission on every litre of petrol sold (More than even the purchase price of the dealer!) So we are being looted in the name of taxes! = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n which is an essential part of transportation. How do such issues get resolved? Had it been a One-Tax regime, such a situation would not have arisen. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Panchratnas cry for Equal rights under GSTBy: – Swati KharkiaGoods and Services Tax – GSTDated:- 12-10-2017 GST – One Nation One Tax – is an initiative by the Government to eliminate various indirect taxes and incorporate all of them into one, thereby reducing the tax complexity. But five products viz petroleum crude, high-speed diesel, motor … Continue reading “Panchratnas cry for Equal rights under GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-8190","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/8190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8190"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/8190\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nWorse than that, the Oil companies are suffering since the day GST has got implemented. They have been left at the mercy of their accountants since dealing in different kinds of taxes at the same time has become a major challenge. Complying with all the tax laws (new an<\/p>\n
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\nAs per the latest report, petrol pumps across the nation have threatened to go on a 24 -hour strike on 13th October'17 due to long pressing demands being ignored, one of them being their inclusion in the GST regime. If the strike really happens, the loss of revenue to the economy would be magnificent. Is this really worth it, I mean, in an economy which calls itself republic, people have to go on strike to get their demands met!
\nWith all such problems creeping in, there is still a ray of hope that the Panchratnas are brought into the GST regime as soon as possible. If the Government wants to give Diwali gifts in the real sense, then will it not be better to first starting with lowering the prices of oil and then extending benefits to the batti which cannot be lit without the oil!
\nDisclaimer: The views expressed in this article are stric<\/p>\n
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