'Bring Petrol-Diesel Under Ambit Of GST Regime': Experts Express Their View In A Seminar On GST 2.0

Indore (Madhya Pradesh): Navneet Goyal, former chief commissioner of Central Goods and Service Tax (CGST) MP & Chhattisgarh, has said that GST rates should not exceed 2 or 3 slabs.

It is necessary to make Input Tax Credit (ITC) rules practical. He suggested that the petrol and diesel should be brought under the GST ambit, the process of filing of annual returns should be simplified for small taxpayers and the rate of GST for composition dealers should be reduced to 0.5%.

Former IRS officer Goyal said it while addressing as a key note speaker in a special seminar organised to discuss on the topic ‘Impact of GST 2.0 Reforms on Government Revenue and Economy. It was organised under the joint aegis of MPTLBA and CTPA.

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MPTLBA president adv. AK Lakhotia said that the recently concluded 56th GST Council Meeting has indicated major changes in rates and provisions. This "GST 2.0 Reform" is like giving a gift to the country before the festive season, but it is necessary to understand its impact on revenue and the public.

Senior tax consultant Amit Dave demanded a clear circular from CBIC to remove the existing anomalies in taxation on post-sale discounts. GST expert Sunil P. Jain said that the benefit of reduction in rates will reach the public only when the cost of raw and finished goods will decrease.

President of Ahilya Chamber of Commerce and Industry Ramesh Khandelwal and general secretary Sushil Surekha emphasised on online implementation and simplifying complex rules. AIMP secretary Tarun Vyas pointed out the anomaly in tax rates on stationery items.

Finally, adv. AK Gaur said that a memorandum incorporating the points made in the meeting will be sent to the Union Finance Minister and GST Council, so that necessary amendments can be made in the upcoming budget.