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Sep 20, 2014
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Govt to tweak GST Bill, with petro products in ambit
The government is planning to reintroduce the Constitution (115th Amendment) Bill for Goods and Services Tax (GST) in the winter session of Parliament with some significant changes from a previous version that lapsed: Petroleum products will be subjected to GST but they will be zero-rated initially; all entry taxes levied by states except octroi will be subsumed in the proposed comprehensive direct tax.
By keeping petroleum products, a major source of revenue for the Centre and states, in the GST ambit, the government wants to ensure that the integrity of GST (and with that its ability to militate against cascading of taxes) is not compromised.
Source -
http://www.financialexpress.com
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