Why Petrol & Diesel Won’t Be Included Under GST The most awaited decision of putting petrol and diesel under the GST slab may not be implemented anytime soon in India. The report comes after both central and state govt showed fear of losing a considerable amount of revenue and did not favor the one nation, one tax policy. GST was implemented in 2017 from July 1, completing one full year of ups and downs last month. Many industries received benefits from its implementation while others showed how they were badly hit by the change in tax policy. GST basically combines value added tax, service tax and excise duty, dividing products into four slabs of 5%, 12%, 18% and 28%. Most everyday products fall in the first two segments while availing services from most sources are taxed under the 18% slab. Automobile sector falls under the 28% segment, further getting higher tax rates by including additional cess on these base values. The biggest example is the above 4-meter car segment,...
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