Quick Summary
Finance minister Nirmala Sitharaman on Wednesday said that petroleum products can be included in the Goods and Services Tax (GST) framework once an agreement in this regard is reached among states. Sitharaman also said that the effort of the government over the years has been to increase public expenditure with a view to promote growth. The provision is already available for petroleum products to be brought into the GST. My predecessor had already made the window kept open, she said while
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FAQ :
Yes, petroleum products can be included in the GST framework once an agreement is reached among the states. The provision for this is already available.
Five petroleum products are temporarily kept out of GST: petroleum crude, motor spirit (petrol), high-speed diesel, natural gas, and aviation turbine fuel.
An agreement among the states is required, and the GST Council needs to determine the specific rate for these products before they can be brought under GST.
The government's effort over the years has been to increase public expenditure with a view to promote growth, with capital expenditure being a clear focus in the 2023-24 budget.
The fiscal deficit target for FY24 is set at 5.9 per cent.
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