In the next two years, GST will replace VAT, excise duty on crude oil: Dharmendra Pradhan
Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Tuesday said that the excise duty and Value Added Tax (VAT) levied on crude oil would be replaced with the Goods and Services Tax (GST) in the near future.
“In the coming 1-2 years, VAT and excise duty will be converted to GST. We are taking this shift from VAT and excise duty to GST gradually as each state government has a different priority and states are apprehensive that their revenue collection might reduce once GST comes,” Pradhan said during an interactive session.
Responding to the question of the current pressing matter of high excise on crude oil, Pradhan quipped, “You can’t have all the perks together! We want fiscal prudence, funds for the welfare schemes, and we also don’t want consumers to feel the pinch.”
Sharing my views at ANI India InfraCon 2018. https://t.co/jgKx8U8cuW
— Dharmendra Pradhan (@dpradhanbjp) February 13, 2018
“We want resources, we don’t want inflation, we have to take care of the consumers’ interests and consumer services also have to be increased so taking all this into consideration, we have opted for a balanced approach,” he added.
The Union Minister nevertheless assured that India’s improved …read more