Says, Decision will Open Door to Transitioning Petroleum Products from VAT to GST
Punjab Newsline, Chandigarh, December 23-
Punjab FM Harpal Singh Cheema has strongly opposed the agenda of bringing Air Turbine Fuel (ATF) under the ambit of Goods and Services Tax (GST), emphasising that including ATF under GST would pave the way for removing petroleum products from the Value Added Tax (VAT). He raised this concern during the 55th meeting of the GST Council held in Jaisalmer, Rajasthan, under the chairpersonship of Union Finance Minister Nirmala Sitharaman.
Revealing this in a press communiqué issued here today, Finance Minister Harpal Singh Cheema said that this decision would be detrimental to the states already suffering losses due to the GST regime. He highlighted that Punjab has earned Rs 113 crore in FY 2022-23, Rs. 105 crore in FY 2023-24, and Rs 75 crore till November in the current fiscal year as VAT on Air Turbine Fuel.
Finance Minister Cheema further sought compensation for the Rs. 20,000 crore loss incurred by the state due to the implementation of the GST regime.