Picture courtesy: Times Now
New Delhi: The Centre is committed to bring natural gas under the goods and services tax (GST) regime to make prices cheaper and uniform across the country, Prime Minister Narendra Modi said on Wednesday.
“We are committed to bringing natural gas under GST regime… I want to tell the world come invest in India’s energy sector,” Modi said while dedicating the Ramanathapuram-Thoothukudi natural gas pipeline and Gasoline desulfurisation unit in Tamil Nadu to the nation via video-conferencing.
Modi also said that India will generate 40% of all its energy from renewable sources by the year 2030.
Natural gas is currently outside the ambit of GST, so central excise duty, state VAT and central sales tax continue to be applicable on the fuel.
“Non-inclusion of natural gas under GST regime is having adverse impact on its prices due to stranding of taxes in the hands of gas producers/suppliers and is also impacting natural gas-based industries due to stranding of legacy taxes paid on it,” the Federation of Indian Petroleum Industry (FIPI) said.
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