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New duty structure for Petroleum & Alcohol products

06
Jul '07
During the last Union Budget, Finance Minister P Chidambaram had suggested streamlining of goods and services tax (GST) by setting up a Joint Working Group. This Group comprising States of Union and consultants met twice to discuss on the policy framework and conceptualization of the framework.

Finance Ministry sources when contacted by Fibre2fashion, News Desk - India did confirm about the above fact but stated that it was 'too early' to say anything about the finer details, or whether goods like petroleum products and alcohol be covered under the scheme.

Recently, duty cuts recommended by this Working Group on imported beer, wine and spirit have already been effected, hence, industry raised expectations to seek petroleum products under the GST purview.

Basic idea behind this exercise, besides streamlining taxes, the official said, would be to enable Indian industries operate under seamless taxation regime and end up globally competitive.

In any case, he opined that the report may take a year in the making.

He also stated that apart from all stake holders, the industry as a whole, would also be consulted prior to the finalization of the draft policy.


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