New Delhi: Industry body Assocham on Thursday sought inclusion of petroleum products in GST and subsuming of some local and state taxes like stamp duty.
“The two-year period for keeping petroleum products outside GST is almost over. Also, these products being outside GST lead to increase in cost for businesses. Therefore, these products should be brought under GST,” stated a memorandum by the chamber to the GST Council.
Besides, it said, subsuming mandi tax, stamp duty, road tax and vehicle tax in GST would help streamline businesses and facilitate seamless credit of Input Tax Credit (ITC), which will reduce cascading impact of taxes.
