Calcutta, Sept. 18: Petroleum will be on the Centre's watchlist once the goods and services tax (GST) regime comes into effect. However, it is also felt that the new tax structure will not be effective if these products are left out. Picture by Kishor Roy Chowdhury"Ideally, we want petroleum to be included in GST because without it the concept of the new tax regime is not fulfilled. The Centre is also considering a slab structure for GST, besides a standard tax rate, Meghwal said. There are some products on which tax will be applicable at a rate much lower than the standard rate.

Source: The Telegraph September 18, 2016 19:01 UTC