Petroleum Products Will not Come Under GST, Says MP Government

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Nevertheless, the minister, who admitted that the speed of tax (value added tax and entry tax) on petroleum products within the state is on the upper facet additionally gave a justification for it.

“States like Gujarat and Maharashtra get enough income from industrial manufacturing, nevertheless it was not the case with Madhya Pradesh as industrial actions are much less right here. Due to this fact, for incomes enough funds we have to levy tax on petroleum products,” Mallaiya stated.

The minister said in 2016-17, a total of Rs 29,500 crore business tax was collected within the state which implies an increase of 14.5 percent per yr.

Mallaiya stated he was happy with the implementation of GST in the state and the GST Council, on the idea of state’s suggestions, is repeatedly reforming it.

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“Madhya Pradesh will get lot of benefit with this new tax regime because it’s situated centrally. It can even end in enhancement of business actions especially stocking and transportation of goods,” he said.

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