A network-related or instance-specific error occurred while establishing a connection to SQL Server. The server was not found or was not accessible. Verify that the instance name is correct and that SQL Server is configured to allow remote connections. (provider: Named Pipes Provider, error: 40 - Could not open a connection to SQL Server) GST council may bring petrol, realty under GST in future, National : Today Indya

Latest News

  • Home
  • National
  • GST council may bring petrol, realty under GST in future
GST council may bring petrol, realty under GST in future
Friday, December 15, 2017 IST
GST council may bring petrol, realty under GST in future

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 per cent 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 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. 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 per cent could be brought down to 25 per cent and two tax slabs of 12 per cent and 18 per cent 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." 
 
Recently, Infosys came under lot of criticism for frequent failure of the network leading to extension of deadlines for returns on several occasions. 
 
He further said that GSTN is robust and only 30 per cent of its capacity has been utilised so far. 
 
However, Jammu and Kashmir Finance Minister Haseeb Drabu said GSTN should have briefed the Council about the preparedness. GSTN failed in this respect and glitches are being sorted out, Drabu added. 
 
In the last four months 3.20 lakh returns have been filed through the network, he said, adding that forms are being simplified with the objective to make the entire tax experience an easy affair. 
 
At the same time work is also underway with regard to refund and input tax credit, he said. 
 
Modi also said that the GST will succeed like Value Added Tax and expressed hope that states will not seek compensation from the Centre after 2-3 years. 
 
The Centre has promised to compensate states for shortfall in revenue collection due to implementation of GST for five years. 
 
Drabu further said these are still early days and it would be unfair to judge the GST system just yet. 
 
"Give it another three to four months. If the government and the GST Council are as responsive as they have been, what we have in the making is a robust GST which works for business, the central government and the states," he said. 
 
He said that the biggest gain of GST was that it represents India's first truly genuine federal legislation. Revenues may not have increased in the last couple of months, but the regime has given the states a sub-national freedom to legislate. 
 
The transition, he said, was not as glamorous as globalisation and liberalisation, but it marks a certain move towards formalisation of the economy. 
 
The states, he said, have got a wonderful deal as GST guarantees revenues at 14 per cent growth year-on-year and what we have is a virtual tax insurance policy for five years.

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
Here is the full list of 827 porn websites banned by the DoT

While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content. ...

Recently posted . 64K views . 1 min read
 

 Article
Class XII Boys Raped 16-Year-old in Dehradun School After Watching Porn on Phone: Police

The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...

Recently posted . 9K views . 1 min read
 

 Article
Sept 27,2001 Rahul Gandhi and his girl friend Veronique,was arrested in Logan airport in Boston

Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million. Rahul and his girl friend was th...

Recently posted . 9K views . 7 min read
 

 Article
TOP 10 GYM EQUIPMENT BRANDS IN INDIA 2017

True – Tr...

Recently posted . 8K views . 83 min read
 

 
 

More in National

 Article
Noida installs tyre killers to check wrong side driving

Tyre killers are metal stripes installed on roads with sharp spikes on one side. For those driving on the wrong side, the spikes can puncture tyres.

Recently posted. 821 views . 1 min read
 

 Article
Imran Khan May Invite PM Modi To Oath Ceremony, Says His Party

On Monday, PM Modi called Imran Khan to congratulate him on his party's victory in the general elections in Pakistan and hoped that "Pakistan and India wil...

Recently posted. 658 views . 1 min read
 

 Article
France freezes assets of Jaish-e-Mohammed chief Masood Azhar

A joint statement issued by the French interior ministry, finance ministry and foreign ministry added that France would discuss putting Masood Azhar on a European...

Recently posted. 780 views . 1 min read
 

 Photo
May 2018: Best Infographics of the Month



Recently posted . 2K views
 

 Photo
Fascinating facts about India



Recently posted . 2K views
 

 Reviews
Top Schools in Delhi-NCR



Recently posted . 3K views . 126 min read
 

 Article
Narendra Modi an instrument of corruption, says Rahul Gandhi in most direct attack on PM

In his most direct attack on Prime Minister Narendra Modi, Congress president Rahul Gandhi has said that Narendra Modi is "corruption himself" since the...

Recently posted. 681 views . 1 min read
 

 Article
Watch: Woman toll collector slapped at Gurgaon’s Kherki Daula, she hits back

Woman toll collector news: Other people present in the toll booth tried to intervene and stop the attack. At the end of the video, the collector can be seen movin...

Recently posted. 749 views . 2 min read
 

 
 
 

   Prashnavali

  Thought of the Day

Feel the fear and do it anyway
Anonymous

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top