GST Council may weigh GST on petroleum goods at July 25 meet

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The GST Council appears to have taken cognizance of the long-standing demand to bring petroleum goods under the GST ambit. Sources told ETNow that the council is likely to discuss bringing petroleum products under GST in its next meeting on Thursday, July 25. While a concrete decision is not expected soon, it will certainly set the ball rolling.

Besides having a discussion on bringing petroleum products under GST ambit, the council is expected to take up the proposal on a rate cut on electric vehicles from 12 percent to 5 percent and lower levy on EV chargers as well as on solar-powered equipment. The proposals for a rate cut on EVs, EV chargers were sent to the fitment committee during the last meeting. The council is also likely to discuss GST exemption on hiring electric buses besides looking into the issues being faced by taxpayers in filing annual returns. The council may also discuss issues faced by small businesses from the services space who want to opt for the composite scheme.

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