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Panchratnas cry for Equal rights under GST

Goods and Services Tax - GST - By: - Swati Kharkia - Dated:- 12-10-2017 Last Replied Date:- 15-10-2017 - 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 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 frui .....

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ime in future, but presently they have been denied the benefits of this new system. What disturbs the public is the question that why the panchratnas have not been brought into the GST net? The reason for this inequality being that the States earn loads of revenue from the petroleum products, and bringing them into GST would make the Legislatures lose the same. But is this even a reason enough to keep these panchratnas out of GST? What about the oil industries who are facing immense trouble due .....

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ices 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 .....

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s making them work like never before. For instance, suppose a company is producing LPG along with crude oil, it has to pay GST on LPG while Excise Duty and VAT on crude oil. Moreover, if they use common inputs for the two, credit will be available on the portion of inputs used for LPG production while no credit would be allowed on that used for crude oil. Now, assuming that it transports the crude oil produced by it through its own pipelines, GST will get levied on the pipeline transportation se .....

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