Bring petroleum, real estate under GST ambit: Congress

Manufacturers Under Composition Scheme To Pay 1% GST

Congress, meanwhile, has reiterated its demand of bringing petro products and real estate under the ambit of GST.

"How will the states survive when there won't be any compensation after 5 years", Punjab finance minister Manpreet Badal said a day ahead of the GST Council meet. The Council also plans to roll out e-way bill.

He said the country had lost the opportunity to usher in a one-tax regime because of the "faulty" implementation of GST that had also led to "chaos and negativity" among traders. The Modi Government is profiteering at the expense of common man.

Congress president Rahul Gandhi had made a similar demand on October 6 previous year when in a series of tweets he urged the government to bring petroleum products under the GST regime to prevent excessive profiteering from the common man. "Even these numbers do not capture the full impact of transitional credits that will be available for the next few months as the last date of filing of the relevant returns was almost the end of December", he said. "Frequent revisions in filing dates have completely shattered the faith in the sanctity of the GST reform", he said.

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He said he wants to restructure the state's taxes to reduce the federal increases - without hurting the state's bottom line. The law caps a deduction for state and local taxes, meaning many people in high-tax states like NY will see tax increases.

As for the e-way bill system, he said the government was rolling it out on February 1 without any preparedness on the application programming interface (API) that will help taxpayers to align their software.

I'm told that the number of changes now being proposed in the law itself are so enormous that it clearly reflect that GST was brought in a hurry without understanding the peculiarities of India. "GDP has fallen, revenues have shown an alarming fall, inflation is rising and there is near furore relating to complexities in compliances", he said.

'Petrol and diesel prices are skyrocketing. Bringing petroleum prices under GST will provide relief to the consumers, he said. Sources have said that the Council may also deliberate on whether or not real estate should be brought under the ambit of the taxation scheme.


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