Petrol Price: Pre & Post Goods and Services Tax (GST) in India
S. Saravana Kumar1, R. Kiruba Shankari2
1Dr. S. Saravana Kumar, Department of Corporate Secretaryship, Annai Theara Arts and Science College, Mangalam, (Tamil Nadu), India.
2R. Kiruba Shankari, Department of Corporate Secretaryship, Annai Theara Arts and Science College, Mangalam, (Tamil Nadu), India.
Manuscript received on 08 December 2019 | Revised Manuscript received on 21 December 2019 | Manuscript Published on 31 December 2019 | PP: 389-391 | Volume-8 Issue-4S3 December 2019 | Retrieval Number: D10931284S319/2019©BEIESP | DOI: 10.35940/ijrte.D1093.1284S319
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Goods and services tax is an all-inclusive tax levied on manufacturing, sales and consumptions of goods and services within a country, introduced by the Indian President on 1st July 2017, which subsumed all indirect taxes levied by both Governments(the central and the state). However petrol was kept out of GST framework in order to preserve the revenue acquired by the state. the present study gives you the answers for the questions like what is GST?, What is the reason for not implementing GST on petrol? What will be the price of one liter petrol when the same is subsumed in GST? This paper highlights the comparison between the present tax rate on petrol and the rate at which petrol would cost when it is subsumed by the GST.
Keywords: GST, no GST on Petrol, Revenue, Comparison on GST Rates.
Scope of the Article: Social Sciences