VAT INCREASE ON NATURAL GAS, PETROL & DIESEL REDUCED
States have agreed to cap value-added tax (VAT) on natural gas at 5 per cent and lower it on other petroleum products such as petrol and diesel used by the manufacturing sector as an input. That could mark a significant breakthrough toward uniform nationwide prices of petroleum goods. The Goods and Services Tax (GST) Council will take up the scheme once it is formulated by the states. Read More...