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Council may bring petrol, realty under GST in future: Sushil Modi

Friday, December 15, 2017

All powerful GST Council will consider bringing electricity, petroleum products and some other items under the ambit of GST in future, Bihar Finance Minister Sushil Modi said here. "Electricity, real estate, stamp duty and petroleum products should become part of GST (Goods and Services Tax). This would be our (GST Council) endeavour," he said at the annual meet of industry chamber Ficci.

He, however, said it would be difficult to specify any timeline for this to happen. Inclusion of these can happen without amending the Constitution, he said. If petroleum products are brought under the GST regime, he said, it will attract the highest tax slab prevalent at that time and states would be at liberty to levy cess on it in order to protect their revenues.

Both states and the Centre earn 40% of their revenue from petroleum products at present. Modi also hinted at the reduction of tax slabs going forward after tax collection stabilises.

The current GST regime has five tax slabs —- 0%, 5%, 12%, 18% and 28%. An additional GST cess is also levied on certain products. Although the final decision would be taken by the Council, he said, "The possible scenario could be that the current highest tax slab of 28% could be brought down to 25% and two tax slabs of 12% and 18% could be merged into one."

Modi, who heads the group of state finance ministers, said that GST Network is the backbone of the GST regime. Defending Infosys which has designed the architecture and responsible for running GST backend, he said, "I can say with confidence that we have hired the best company for this.

Defending Infosys which has designed the architecture and responsible for running GST backend, he said, "I can say with confidence that we have hired the best company for this."
 

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