Delivering the Keynote Address at a Seminar on GST organised by the Bangalore Chamber of Industry and Commerce (BCIC) here, D P Nagendra Kumar, Director General, GST Intelligence said that the Petroleum products which are currently not covered under GST, could be brought under GST on a future date, subject to the approval of
the GST Council as provided in the 101st Constitutional Amendment Act, 2016.
The GST Council is also examining the issue regarding inclusion of Reality sector under GST subject to consensus from all State Governments.
The rate rationalisation undertaken by the Government both at the Centre and the State on the recommendations of the GST Council is an ongoing exercise based on the impact on business, feedback received from stakeholders and revenue considerations.
The revision of rate on wide spectrum of goods decided in the recent meeting of the GST Council at Guwahati is a pointer to this trend, Mr Nagendra Kumar said.
