Energy industry veterans expect inclusion of petroleum products under the ambit of Goods and Service Tax (GST) with Union Budget 2023 right around the corner. Petroleum products—petrol, diesel, natural gas and aviation turbine fuel (ATF)—have not been found a place in GST and taxes such as excise duty, value added tax (VAT) are levied on them. If multiple taxes are ditched and petroleum products are brought under GST, traders can claim for input tax credits (ITC), bringing down the overall costs for them.
For consumers, fuel prices will come down as excise duty and VAT would be replaced by a single tax—GST.
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