Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: VAT Audit :: list of goods taxed at 4% :: TDS :: due date for vat payment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS
 
 
General »
 Government sets aside Rs 10,000-cr tax demand on tech companies
 Income tax department surveys bitcoin exchanges
 Income tax department to target senior executives who have US bank accounts
 Exporters file over 10,000 applications for GST refunds
 Government wants RBI rate cut before March: Finance ministry sources
 Govt begins review of tax, other norms for startups
 Fall in tax collection compounds crisis
 Govt sets up task force to review income tax laws
 Tax queries: Contact employer to get Form 16 error rectified
 Finance Ministry may hike monetary limit for filing tax appeals
 Compilation of all notifications issued ON

Council acts to ease cascading tax impact on petroproducts
October, 12th 2017

The Centre on Wednesday said that the GST Council had at its meeting on October 6 taken decisions to reduce the cascading effect of excluding petrol, diesel, ATF, natural gas and crude oil from the purview of GST.

The decisions include cutting the rate on ancillary services such as transport of natural gas through a pipeline, and import of rigs.

‘Incentivise E&P’

“To reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST and to incentivise investments in the E&P (exploration and production) sector and downstream sector, the GST Council in its 22nd meeting held on October 6, 2017, has made… recommendations for GST rate structure for specified goods and services,” the Finance Ministry said in a release. Offshore works contract services and associated services relating to oil and gas exploration and production in offshore areas beyond 12 nautical miles would be taxed at 12%, according to the release. The transportation of natural gas through pipelines would attract GST of 5% without input tax credits (ITC), or 12% with full ITC.

“Import of rigs and ancillary goods imported under lease will be exempted from IGST, subject to payment of appropriate IGST on the supply/import of such lease service and fulfilment of other specified conditions,” the release added. GST on bunker fuel has also been reduced to 5%, both for foreign going vessels and coastal vessels.

“The much anticipated issues in the oil and gas sector, because of exclusion of petrol, diesel, crude, natural gas and ATF, have started surfacing,” said Abhishek Jain, Tax Partner, EY India. “The exclusion of these products from GST increases the cost of these products as input GST not being creditable against sale of these products adds to the cost of these products. Further, excise duty/VAT payable on sale of these products is not available as credit to industries buying these products. Thus, it is a double hit.”

The solution would be to apply GST to these products.

“Instead of these ad hoc relief measures, it would be great if the GST Council uses this momentum to include these products into GST which would provide complete relief to this sector,” Mr.Jain added.

Finance Minister Arun Jaitley had last month written to all the States asking them to reduce the VAT rates on petroleum products as they were leading to a cascading of taxes on goods that used them as inputs.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions