gst

Petroleum products may include under GST

DAINIK NATION BUREAU

Tasting defeat in Chitrakoot Assembly by poll and facing tough time in ongoing Gujarat Assembly election, which has ascertained the RSS internal report that BJP popularity graph has gone down after demonetisation and imposition of GST, Prime Minister Narendra Modi led NDA regime may down the slab of Goods and Service Tax (GST) in coming days. they may include the real estate and petroleum product under GST.

The next rejig of GST will likely focus on the lower end of the rate slabs, as the country seeks to further streamline the structure by converging multiple rates into two or three. It will happen after the regime settles down and there is more clarity on revenue following the recast last week.

Simplification of laws, rules and procedures in line with industry’s feedback is also likely to top the GST Council’s agenda in the next few meetings. The rates on some items such as cement and paint, still left at the highest rate of 28%, could be brought down if tax revenue remains robust.

An official says the focus would now be to recast the lower 12% and 5% rate slabs.

 

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