Finance Minister Nirmala Sitharaman, hinted that petroleum products could be a part of GST and what is needed is a nod from the GST council. Petroleum products are currently not a part of the GST framework.
“The provision is already available for petroleum products to be brought into the GST. My predecessor had already made the window kept open. Once the states agree we will have the petroleum products also covered under GST. So, that’s not so much us not doing it, and the entire (GST) council saying ‘yes’,” Nirmala Sitharaman said.
Speaking at a post-Budget interactive session of PHD Chamber of Commerce and Industry (PHDCCI) in New Delhi, Sitharaman said that the council members will have to determine the rate and inform the finance ministry so as to get petroleum products included in the GST basket.
“Not just yes…what they (council members) have to do is to determine a rate and once they tell me the rate, we get it into the GST,” she added, ANI quoted.
Sitharaman will be chairing the 49th meeting of the GST Council to be held in the national capital on February 18. Commenting on Budget 2023-24, FM Sitharaman said that the government’s impetus on infrastructure building through higher capex allocation is for keeping India’s economic growth momentum intact.
For the last 3-4 years, there has been a consistent emphasis on public capital expenditure, such as in last year’s budget, and this year’s budget has seen a 30 per cent increase in capital expenditure. This is the first time in many years that the capital expenditure has reached a double-digit amount, making it the clear focus of this budget,” she added.
