Acc. to reports, an Indian ministerial panel on the country’s GST will consider taxing petroleum products under a single national rate. The panel, headed by FM Nirmala Sitharaman, will examine the proposal at its meeting Friday.

This move would help soften petrol and diesel prices in the country. The panel would also probably look at increasing GST to 18% on iron, copper, and other metal ores and concentrates.

      

Govt to consider bringing petrol, diesel under GST: Report

WHAT?

Acc. to reports, an Indian ministerial panel on the country’s GST will consider taxing petroleum products under a single national rate.

WHEN?

The panel, headed by Finance Minister Nirmala Sitharaman, will examine the proposal at its meeting Friday, 17/09/2021.

HOW?

Any change to the GST system would require approval by three-fourths of the panel, which includes representatives from all states and territories.

The move to a uniform levy for fuel would help soften gasoline and diesel prices.

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At its meeting Friday, the GST panel also plans to consider extending concessions on some drugs used in Covid-19 treatment for another three months until Dec. 31, the people said. The government will also likely present options on compensating states for their GST losses beyond next year, they added. 

The panel would also probably look at increasing GST to 12% on some renewable equipment and to 18% on iron, copper, and other metal ores and concentrates.