: Bringing petroleum products under GST subjected to agreement among States: FM Nirmala Sitharaman #FinanceIndia #StockMarketNEWS Bringing petroleum products under GST subjected to agreement among States:

@StockMarketNEWS Mon 20 Feb, 2023

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Bringing petroleum products under GST subjected to agreement among States: FM Nirmala Sitharaman #FinanceIndia #StockMarketNEWS
Bringing petroleum products under GST subjected to agreement among States: FM Nirmala Sitharaman New Delhi, Feb 16 (KNN) If states agree, the petroleum products will be brought under the GST framework, said Finance minister Nirmala Sitharaman on Wednesday.

Speaking at the post-Budget interactive session with the members of the industry chamber PHDCCI, Sitharaman pointed out that the provision is already available for petroleum products to be brought into the GST.

“Five petroleum products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel have temporarily been kept out and the GST Council shall decide the date from which they shall be included in GST,” she said.

The 49th meeting of the GST Council is all set to take place in New Delhi on February 18, 2023.

During her address, the finance minister said that the government in the 2023-24 budget increased the capital expenditure by 33 per cent to Rs 10 lakh crore.

"Consistently for the last three-four years, the emphasis has been given on public capital expenditure. We have kept that up in this budget. Capital expenditure, clearly can be said as a real focus of this budget," she said.

"This is the first time in many years that the capital expenditure has reached a double-digit amount, making it the clear focus of this budget," Sitharaman added.

The minister pointed out that the budget has given a roadmap for fiscal consolidation. (KNN Bureau)