ATF, natural gas to be brought under GST soon

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The Goods and Services Tax (GST) Council is likely to bring in two petroleum products – natural gas and aviation turbine fuel (ATF) – under the ambit of the new indirect tax system soon. “Among petroleum products, ATF and natural gas are easier candidates for inclusion under GST. It will be taken up and approved by the (GST) Council as early as possible,” a senior government official said.The date of the Council next meeting is yet to be decided, but officials said that it is expected to happen in the middle of December.

The rate at which these two products will be taxed is yet to be finalised, the official said, adding that the decision will be taken by the GST Council.Currently, five petroleum products – petrol, diesel, crude oil, natural gas and ATF – are excluded from GST. These five items will continue to be taxed in accordance with the pre-GST tax regime, till the highest decision making panel in the new taxation system, the GST Council, chooses to include it.

Read More at: https://www.moneycontrol.com/news/business/economy/atf-natural-gas-to-be-brought-under-gst-soon-3214091.html

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