Gas And ATF Can Come Under The Purview Of GST

Gas and ATF can come under the purview of GST, the government is preparing for a massive change. The government can bring natural gas and aircraft fuel (ATF) under the GST regime before petrol and diesel.

The possibility of this has also increased because after the issue of GST compensation is resolved with the states, the government is preparing for a major change in the system of GST.

Sources say that the government wants to limit the rates of GST in the second phase of GST and items exempted from GST.

According to sources, the upcoming meetings of the GST Council will be accompanied by a change in rates, including at least two petroleum products ( There can also be a discussion on bringing natural gas and ATF) under its purview.

The decision to bring petrol and diesel under the ambit of GST can be deferred till June 2022.

Sources say that the Ministry of Petroleum and Natural Gas has already recommended that these petrochemical products be brought under the purview of GST.

The Finance Ministry may consider it in the upcoming meetings. Crude, petrol, diesel, ATF, and natural gas have been kept out of its purview in the GST regime.

LPG, kerosene, and naphtha have been kept under GST. For this reason, companies face many difficulties. A member of the GST Council recently said that petrochemical products will not always be excluded from the purview of GST, but this may take time.

At least the corona epidemic will have to wait until the effects on revenue collection are compensated.

Currently, the GST collection in October has crossed Rs 1 lakh crore. This may help states agree to bring petrochemical products under its ambit in a phased manner.

The third trading day of the week is a great buy in the stock market. At 9:40 am, the BSE Sensex is trading up 354 points at 40,615.68 and the Nifty is trading up 94.70 points at 11,908.20.

Domestic stock markets closed up on Tuesday on heavy buying by banking, finance, metal, and automobile companies.

The 30-share BSE Sensitive Index Sensex closed up 503.55 points, or 1.27 percent, at 40,261.13 points. Similarly, NSE Nifty closed at the level of 11,813.50 points by climbing 144.30 points i.e. 1.24 percent.