Industry Body FICCI For Credit Of GST Against Excise Duty On Petroleum Products
Union Budget 2020: Days ahead of the presentation of Union Budget 2020 in Parliament, industry body FICCI or Federation of Indian Chambers of Commerce & Industry has recommended that petroleum sector producers should get excise duty benefits on their output against GST payments made on inputs. In its pre-Budget recommendations, the trade body has said that petroleum and natural gas producers should be allowed to set off the input tax credit for Goods and Services Tax (GST) that they pay on inputs against the excise duty applicable to their output.
Currently, petroleum crude, petrol, high speed diesel, natural gas and aviation turbine fuel are out of the purview of GST. Accordingly, the input tax credit of GST paid on procurement is not allowed against the output tax liability to the supplier of the said products and is an additional cost for the producers of oil and gas, according to FICCI.Â
(Also read:Â Where To Watch Live Streaming Of Finance Minister Nirmala Sitharaman's Budget Speech)
Until the introduction of GST on petroleum products, suitable amendments in the CENVAT (Central Value Added Tax) rules will lower the production costs for oil and gas companies, according to the industry body.
Meanwhile, the government has said that it is essential to bring petrol and diesel under the purview of GST.Â
(Also read: What Fiscal Deficit Is And Why It Is Important To Keep It In Check)
Finance Minister Nirmala Sitharaman will present the first full-year Union Budget of Prime Minister Narendra Modi's government in Parliament on February 1.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
