Remove "distortions" in GST Act before bringing petrol, diesel under GST: Veerappa Moily
Bengaluru, Mar 25: Former Union Oil Minister and senior Congress leader M Veerappa Moily on Thursday said "distortions" in the GST Act will have to be removed before the government considers to bring petrol and diesel under the regime.
He said states should be adequately compensated for revenue loss in the event of petrol and diesel being brought under the GST regime.
The former Karnataka Chief Minister alleged "distortions" in the GST Act in the context of "procedures, unnecessary taxation and tax rates putting additional burden on traders, their harassment and corruption".
"Before processing the proposal to bring petrol and diesel under GST, they will have to revisit the entire GST Act....GST Act will have to be properly re-rationalised, and distortions will have to be removed", Moily told PTI.
BJP member Sushil Kumar Modi said in Rajya Sabha on Wednesday that bringing petrol and diesel under the GST regime is not possible for the next 8-10 years as no state is ready to face the annual revenue loss of over Rs two lakh crore on this account.
"Repeatedly, the issue of putting petrol and diesel in the GST regime is being raked up. I have been associated with the GST for a long time, I want to know from the House, that if petrol and diesel are put under the GST regime, who will compensate for the loss of revenue of over Rs two lakh crore to states," Modi had asked.
READ ALSO---Not possible to bring petrol, diesel in GST regime even for next 8-10 years: Sushil Modi
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India-bound LPG tanker clears Hormuz
New Delhi (PTI): A tanker carrying liquefied petroleum gas (LPG) for India has sailed out of the Strait of Hormuz and is now headed towards the country, an official statement said on Sunday.
The Marshall Islands-flagged LPG carrier MT Sarv Shakti, loaded with 46,313 tonnes of LPG and staffed by 20 crew, including 18 Indians, cleared the key shipping chokepoint on May 2 and is expected to reach Visakhapatnam on May 13, it said.
The cargo -- enough to meet half a days requirement of the country -- will partly tide over supply constraints being faced since the start of the West Asia conflict more than two months back.
Ship-tracking data showed its position in Oman Gulf on Sunday evening.
The very large gas carrier has previously made runs between the Persian Gulf and Indian ports, has been chartered by state-owned Indian Oil Corporation (IOC).
Sarv Shakti is the first India-linked tanker to cross the war zone since a weeks-old US blockade of ships tied to Iran began, pushing transits through Hormuz back down to almost zero.
There are as many as 14 Indian flagged or India-owned vessels still stranded on the west side of the Strait of Hormuz.
The statement said no incident involving Indian-flagged vessels has been reported in the past 24 hours. The Ministry of Ports, Shipping and Waterways is working closely with the Ministry of External Affairs, Indian missions and maritime stakeholders to ensure crew welfare and uninterrupted operations.
The Directorate General of Shipping (DG Shipping) control room has handled 8,373 calls and more than 17,965 emails since activation, including 38 calls and 127 emails in the last 24 hours.
India has also facilitated the repatriation of more than 2,953 seafarers so far, including 31 in the past day from across the Gulf region.
Port operations across the country remain normal with no congestion reported, the statement added.
