This was culmination of a 10-year effort to streamline India O-Ring Kit Manufacturers archaic tax system and unify the nation of 1. Drabu said these tax rates are in line with the new emerging consumption basket of the new India."You have to have a deadline. But I think July 1 is doable," he said.Drabu said GST is perhaps the most significant tax reforms post independence and will revolutionise the entire indirect tax system.These comments echo the views of various experts who want these products included in the GST right from the start. You do not have enough time, because by September 18 you run into a constitutional crisis.
For example, a refinery producing diesel and petrol would pay GST on the procurement of plant, machinery and services but that tax would not be creditable against excise duty and VAT levied on petrol and diesel."The other thing which is not being adequately recognised is that GST will push the direct taxes also," he said, adding that more money in hands of businessmen or companies would result in higher income or corporate taxes.While products like kerosene, naphtha and LPG will be under the ambit of GST, five items crude oil, natural gas, aviation fuel, diesel and petrol have been excluded from the basket for the initial years.
