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  3. GST council will look into bringing petrol, realty under GST purview: Sushil Modi

GST council will look into bringing petrol, realty under GST purview: Sushil Modi

15 Dec 2017 Evaluate

The Goods and Services Tax (GST) Council member Sushil Kumar Modi, who is also the Deputy Chief Minister of Bihar has said that the Council will look into bringing electricity, petroleum products and some other items under the purview of new indirect tax regime in future. He also said that the inclusion of these items can be done without amending the Constitution, but it would be difficult to specify any timeline for this to happen. Besides, he pointed that if petroleum products are brought under the GST, 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. He added that at present, both states and the Centre earn 40 percent of their revenue from petroleum products.

Modi also hinted at the reduction of tax slabs going forward after tax collection stabilises. The current GST regime has five tax slabs - 0 percent, 5 percent, 12 percent, 18 percent and 28 percent. An additional GST cess is also levied on certain products. Though the final decision would be taken by the Council, he said that the possible scenario could be that the current highest tax slab of 28 percent could be brought down to 25 percent and two tax slabs of 12 percent and 18 percent could be merged into one.

Adding further, he said that the GST Network (GSTN) is the backbone of the GST regime. He also said that GSTN is robust and only 30 percent of its capacity has been utilised so far. He indicated that in the last four months, 3.20 lakh returns have been filed through the network, and noted that forms are being simplified with the objective to make the entire tax experience an easy affair. He also stated that at the same time work is also underway with regard to refund and input tax credit. He 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.

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