Please watch: “Bathukamma Song 2017 || Full Song || YOYO TV Channel || Madhu Priya | Matla Thirupathi”

-~-~~-~~~-~~-~-

petrol and diesel prices under gst

questions are being asked if finance minister arun jaitlely-headed gst council will pay heed to petroleum minister dharmendra pradhan’s suggestion on petroleum prices.
the petroleum products inclusion in gst only way for rational fuel prices, tweeted dharmendra pradhan as the petroleum prices reached three-year high. bringing petroleum products under the gst regime will make the fuels cheaper
YOYO TV Viral Videos:

YOYO TV Trending Stories:

YOYO Unsolved Mysteries:

YOYO TV Interviews:

YOYO Time to Talk:

Srimathi Oka Bahumathi:

Telangana:

Chandamama Kathalu:

————————————————————-
YOYO Cine Talkies:

YOYO News24:

YOYO TV Health:

YOYO World:

YOYO TV Kannada:

YOYO TV Malayalam:

YOYO Times:

YOYO TV Hindi:

———————————————————————————-
Follow Us on:
Facebook:

Twitter:
Website:
Subscribe Us …(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Petrol and Diesel Prices under GST: Witnessing a Significant Decrease in Rates

In a bid to simplify the complex indirect tax structure in India, the Goods and Services Tax (GST) was introduced on July 1, 2017. This new taxation system aims to streamline and unify various taxes across the country, making it easier for businesses and consumers alike.

One sector that has been greatly impacted by the implementation of GST is the fuel industry, specifically petrol and diesel prices. Historically, fuel prices in India have been volatile, subject to multiple taxes and duties imposed by both central and state governments. However, with the introduction of GST, there have been considerable changes in the pricing of these essential commodities.

Under the previous tax regime, petrol and diesel were subject to excise duties, value-added tax (VAT), and additional cess imposed by the central and state governments. This led to significant variations in fuel prices across different states, causing inconvenience and financial burden for consumers. However, with the implementation of GST, a more uniform and simplified taxation system has been put in place.

Initially, petrol and diesel were not included under GST and remained outside its ambit. However, the central government, in consultation with the GST Council, decided to bring these fuels under its purview starting from June 16, 2021. This move was made to streamline the tax structure and bring about transparency in fuel pricing.

Bringing petrol and diesel under GST has resulted in several advantages for both businesses and consumers. Firstly, this has eliminated the cascading effect of taxes, where taxes are levied on previous taxes, leading to an increased tax burden. By integrating petrol and diesel into GST, the tax rates are rationalized, avoiding the double taxation that previously existed.

Additionally, the inclusion of petrol and diesel under GST has brought about a significant reduction in tax rates. The GST Council has set a uniform tax rate of 28% on these fuels, which is substantially lower compared to the previous taxation structure. Earlier, the excise duties and VAT varied from state to state, with some states imposing higher taxes, resulting in inflated fuel prices. However, with the new tax rates, consumers across the country can benefit from uniform and affordable fuel prices.

The reduction in fuel prices has relieved the burden on consumers, especially during times of economic hardship. Lower fuel prices contribute to reduced transportation costs, benefiting sectors such as agriculture, manufacturing, and logistics, ultimately translating to lower prices of essential goods and services.

While the inclusion of petrol and diesel under GST has brought about positive changes, it’s important to note that the final retail price still includes other factors such as dealer commission, transportation costs, and profit margins. These additional elements can vary from region to region, leading to slight variations in the actual price received by the consumers.

In conclusion, the inclusion of petrol and diesel under GST has been a positive move towards simplifying and rationalizing the taxation structure in India. The uniform tax rates and reduced fuel prices have provided relief to consumers and contributed to the overall economic development of the country. With the implementation of GST, the fuel industry has witnessed a significant decrease in rates, ensuring a more stable and affordable fuel market for all.