LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Petro products to come under GST after revenue collections stabilise above 1 lakh crore: Sushil Modi

Sushil Modi, who also heads the GST Network Panel, said the price of petroleum products may not come down, even if they are brought under its ambit, as states will have the power to impose tax (top up) beyond the highest GST rate of 28 per cent.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Petro products to come under GST after revenue collections stabilise above 1 lakh crore: Sushil Modi
Written By: PTI
Updated: Mon, Jul 02, 2018
08:23 am
PTI
RELATED NEWS
#GSTMakeItEasy: Zee Business Continues to raise GST related problems faced by businesses; Tweet and tell your issues now! #GSTMakeItEasy: Zee Business Continues to raise GST related problems faced by businesses; Tweet and tell your issues now!
#GSTMakeItEasy – in this edition Zee Business raises issues of small business; Tweet to raise your concerns HERE! #GSTMakeItEasy – in this edition Zee Business raises issues of small business; Tweet to raise your concerns HERE!
GST compensation shortfall released to states touches Rs 1 lakh Crore GST compensation shortfall released to states touches Rs 1 lakh Crore
Facing problems with GST refunds? Check out ZeeBiz campaign for businesses - #GSTMakeItEasy Facing problems with GST refunds? Check out ZeeBiz campaign for businesses - #GSTMakeItEasy
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

Bihar Deputy Chief Minister Sushil Kumar Modi today said that commodities like petrol and diesel may be considered for bringing under the ambit of the GST, once the revenue collections stabilise beyond Rs 1 lakh crore per month. "I think that the time has not come (to consider the inclusion of petrol and diesel under GST purview). It will take time.

"When revenue collections stabilise at least at Rs 1 lakh crore per month, then the GST Council may consider as to when and how commodities like petrol and diesel be included under the ambit of GST," he said, speaking on the occasion of the completion of one year of GST roll out.

Sushil Modi, who also heads the GST Network Panel, said the price of petroleum products may not come down, even if they are brought under its ambit, as states will have the power to impose tax (top up) beyond the highest GST rate of 28 per cent.

He exuded confidence that revenue collections under GST would increase in the fiscal 2018-19, with the new return form likely to be in place in the next five-six months, which would further boost collections.

WATCH ZEE BUSINESS VIDEO HERE

The minister said that the first year of GST was very successful, as people had apprehensions of price rise after the launch of the new indirect tax regime, but that did not happen.

In Bihar, one lakh new and additional dealers, and businessmen have been registered under the GST, said Sushil Modi, also the state's Finance Minister.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Goods and Services taxSushil Modi
RELATED NEWS
#GSTMakeItEasy: Zee Business Continues to raise GST related problems faced by businesses; Tweet and tell your issues now! #GSTMakeItEasy: Zee Business Continues to raise GST related problems faced by businesses; Tweet and tell your issues now!
#GSTMakeItEasy – in this edition Zee Business raises issues of small business; Tweet to raise your concerns HERE! #GSTMakeItEasy – in this edition Zee Business raises issues of small business; Tweet to raise your concerns HERE!
GST compensation shortfall released to states touches Rs 1 lakh Crore GST compensation shortfall released to states touches Rs 1 lakh Crore
Facing problems with GST refunds? Check out ZeeBiz campaign for businesses - #GSTMakeItEasy Facing problems with GST refunds? Check out ZeeBiz campaign for businesses - #GSTMakeItEasy
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

In chat with Anil Singhvi, analyst Vikas Sethi picks Nalco, L and T Finance as top buys for big gains

Toyota VC invests in AI startups, firms that refine everyday processes

7th Pay Commission: After family pension, Modi government BIG relief on DA for central government employees likely soon, pensioners to benefit too

Tesla expanding full self driving beta to more drivers: Elon Musk

Announced LIVE: JEE Main Result DECLARED - Here is how to check

Oppo F19 Pro+ 5G and Oppo F19 Pro India launch today: Check timings, how to watch event LIVE, expected price and more

NEET 2021 exam: Students don't miss to check the latest update on exam dates, eligibility criteria, registration process and all you need to know before appearing in the exam!

BJP Bengal candidate list 2021: Full details of vidhan sabha constituency wise names, numbers

Gold Price Outlook – Gold falls by Rs 280 on Monday, Silver falls by Rs 128; expert see bounce back, recommends buy on dips

PUBG Mobile 1.3 global update: APK download link, check expected release date and more!

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved