Explorer

Jaitley urges CM's to reduce burden of VAT on petroleum products used for manufacturing

New Delhi [India], August 18 (ANI): Union Minister Arun Jaitley in a letter to the State Chief Ministers, Finance Ministers written earlier today highlighted the concerns raised by the manufacturing sector in the country regarding the rise in input costs of petroleum products.

In the wake of the Goods and Services Tax (GST), the union minister requested states to reduce the burden of Value Added Tax (VAT) on Petroleum Products, which are used to produce an output of products manufactured, after the introduction of Goods and Services Tax (GST).

The letter highlighted concerns raised by the manufacturing sector in the country regarding the rise in input costs of petroleum products.

However, in the pre-GST regime, the petroleum products as well as the final goods produced both attracted VAT, input tax credit of petroleum products used as inputs by manufacturers was allowed to varying extent by different States.

According to press release by Finance Ministry, Before the implementation of GST from July 1 certain states had lower rate of five percent VAT on Compressed Natural Gas used for manufacturing of goods. Some States also had lower rate of VAT on diesel being used for manufacturing sector.

Meanwhile, Jaitley had requested states to explore the possibility of having a lower rate of VAT on petroleum products used for manufacturing of those items on which there is GST, so that there is minimum disruption in the costing of goods.(ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Ukraine Talks Zelenskyy’s Peace Formula Implementation, India Remains Silent
Ukraine Talks Zelenskyy’s Peace Formula Implementation, India Remains Silent
'Have To Save Our Families': PM Modi Blasts DMK Over Drug Busts In TN, Says 'BJP Enough To Fight Menace'
PM Modi Blasts DMK Over Drug Busts In TN, Says 'BJP Enough To Fight Menace'
It's Kejriwal Today, Govt Will Jail Mamata, Stalin, Vijayan Tomorrow: Delhi Minister Atishi At ABP Shikhar Sammelan
It's Kejriwal Today, Govt Will Jail Mamata, Stalin, Vijayan Tomorrow: Delhi Minister Atishi
Mukhtar Ansari Death: UP Court Orders Probe After Son Claims Father 'Poisoned' In Jail — Top Points
Mukhtar Ansari Death: UP Court Orders Probe After Son Claims Father 'Poisoned' In Jail — Top Points
Advertisement
for smartphones
and tablets

Videos

Emotional Yet Fun Video Featuring Kapil Sharma, Tabu & Rhea Kapoor, Sharma To Star In 'Crew'ABP Shikhar Sammelan 2024: Anurag Thakur's counterattack to opposition over electoral bondsABP Shikhar Sammelan 2024: Why did BJP canceled tickets of more than 100 sitting MP's?|Anurag ThakurABP Shikhar Sammelan 2024: Anurag Thakur's gets angry on TMC-Congress over remarks on Kangana Ranaut

Photogallery

Embed widget