Demystifying Goods and Services Tax (GST)
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<h1 style="display: none;">Video on 5.4. Petroleum under GST</h1>
<h3 class="hd hd-2">5.4. Petroleum under GST</h3>
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<p><p>Petroleum products are those products which are subject to maximum tax both by the Centre and the States. Centre imposes excise duty, States impose value added tax. </p>
<p>The revenues are so much that both the States and the Union are not able to agree to bring them under GST. It is a perception that there may be loss of revenue to the Centre and the States both if petroleum products are brought under GST. </p>
<p>For this reason, it has been specifically provided under the Constitution, that petroleum products are a part of GST but that situation will not become effective unless there is a clear notification by the GST Council which specifies that yes from so and so date petroleum products will be subject to GST. </p>
<p>That date is being withheld so long as the Centre and the States are able to converge on a particular revenue collection target which is met otherwise and once this happens, GST Council will notify the date and petroleum products will be brought under GST.</p></p>
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