INSUBCONTINENT EXCLUSIVE:
At present, only LPG, kerosene and naphtha are subject to a GST rate.As the government is due to present the Budget on February 1, all eyes
remain on the government's annual financial statement
However, where experts do not expect a major announcement, credit ratings agency CARE has asked for inclusion of natural gas and jet fuel
under the GST (Goods and Services Tax) regime
benefit domestic regasification terminals.LNG imports account for a 47 per cent share in total consumption
Also, the consumption of natural gas has also increased by 15 per cent during the April to November period in the financial year ending
March 31, as compared to the same period in the previous fiscal year.At present, only LPG, kerosene and naphtha are subject to a GST rate
Bringing fuel products under the ambit of GST has been deliberated for long, noted CARE Ratings.However, the state and Centre, have not been
able to build a consensus on revenue sharing, it said.Allocations as per the 2018-19 Union budget, the oil and gas industry had received Rs
24,932 crore as fuel subsidies where Rs 20,377 crore was earmarked as LPG subsidy and the remaining Rs 4,555 crore was classified as
kerosene subsidy.The industry expects the government to widen the fuel subsidy and include all cooking fuels such as piped natural gas and
bio gas, a move to which will benefit all consumers besides making it attractive for consumers to switch to alternate cooking fuels, said
under the Pradhan Mantri Ujjwala Yojana (PMUY)."The scheme, launched in 2016, originally targeted giving LPG connections to mostly rural
women members of below the poverty line (BPL) households
The list was later expanded to include all SC/ST households and forest dwellers among others
Find latest news, updates and videos on Budget 2019, Budget expectations, tax and policy announcements here
Like us on Facebook or follow us on Twitter for more on Union Budget 2019.
