Open AccessPetrol Price: Pre & Post Goods and Services Tax (GST) in India
Publication year - 2019
Publication title -
international journal of recent technology and engineering
Language(s) - English
Resource type - Journals
ISSN - 2277-3878
DOI - 10.35940/ijrte.d1093.1284s319
Subject(s) - gasoline , revenue , goods and services , tax revenue , order (exchange) , state (computer science) , sales tax , ad valorem tax , economics , commerce , business , public economics , agricultural economics , tax reform , finance , economy , engineering , waste management , computer science , algorithm
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.