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videos | IST

Natural gas, aviation fuel could be brought under GST, says finance secretary

Adhia further added that while there was a scope of bringing certain items from the 28% tax bracket to the 18% tax bracket.

Finance secretary Hasmukh Adhia said natural gas and aviation turbine fuel could be brought under the ambit of the goods and services tax (GST) due to the smaller tax collections on these products.
Adhia further added that while there was a scope of bringing certain items from the 28% tax bracket to the 18% tax bracket, immediate rationalisation would not be feasible due to concerns about revenue. 
Speaking about compensation for revenue lost Adhia said while states such as Punjab would require compensation from the centre for more than five years, most of the states would not require any compensation for more than two to three years.
Adhia also said he was pleasantly surprised about the political class of the country coming together for the implementation of the GST.