Union Petroleum Minister Dharmendra Pradhan today said implementation of GST will substantially benefit Odisha with the taxing point shifting from production base to consumption.
"Odisha will be hugely benefited as the taxing point will shift from production base to tax on consumption. As Odisha is a consuming state, tax revenue will be buoyant," Pradhan said at a GST outreach programme for oil industry stakeholders here.
The outreach programme was an initiative of the Union Ministry of Finance and Ministry of Petroleum and Natural Gas, Department of Finance and Commercial Taxes of Odisha and Oil Industry Odisha.
A measure which will facilitate the tax base to expand, is a pro-reform measure and is juxtaposed with demonetisation, which is a radical reformative step, Pradhan said asking all to be part of this transition to a new tax system.
With specific reference to petroleum sector, Pradhan welcomed the transformative moment in the form of implementation and also highlighted the political unanimity on issues for entering into one nation, one market, one tax regime by reaching out to taxpayers.
The minister assured all taxpayers that he will appraise the competent forum about the concerns and apprehension of all stakeholders and expressed confidence that technological initiative will ensure successful implementation, while ushering in transparency and promote ease of doing business.
While motor spirit, high speed diesel, aviation turbine fuel, crude and natural gas are out of GST, all other petroleum products like superior kerosene oil, LPG, furnace oil, light diesel oil and lubricants will be covered by it, officials said.
Describing GST as a win-win situation for the country, participants said it will bring benefits to all stakeholders of industry, government and the consumer.
It will lower the cost of goods and services giving a boost to the economy and make products and services globally competitive, the said.
GST aims to make India a common market with common tax rates. It will remove economic barriers, thus paving way for an integrated economy at the national level, they noted.
The GST outreach programme was intended to bring all stakeholders, tax departments of the Centre and state governments and taxpayers under one common platform, a release said.
A presentation on various aspects of GST was made by Commissioner of Commercial Taxes, Odisha, Saswat Mishra. Issues relating to implementation of GST and concerns over the transition of tax regime were discussed, it said.
Chief Commissioner Central Excise, Customs and Service Tax, Bhubaneswar Zone, Rakesh Sharma replied to queries from participants. Pritish Bharat, CGM, IOC-Odisha delivered the welcome address. Also present was S K Mohanty, Joint Commissioner, Central Excise and Customs.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)