Expect new govt. to bring petroleum under ambit of GST: HPCL Chairman

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New Delhi: Hindustan Petroleum Corporation Limited (HPCL) Chairman Mukesh K. Surana on Tuesday said that they expect the new government to bring petroleum products under the GST regime.

Speaking about his expectations from the new government, Surana told ANI, “This government has done lots of reforms. Oil companies do not get input credit on fuel products because of them not being under GST. Our expectation from the new government is to bring petroleum products under the GST regime.”

Upon being asked about the upward trend in fuel prices after the culmination of the general elections, Surana reiterated that the prices are dependent on international factors and said, “Oil prices depend on international factors. There are factors like US-China trade relations, the tension in Venezuela, tension in the Middle East among others. As domestic prices are linked with exchange rates hence it fluctuates according to global situations.”

He also outlined that ban imposed by the US on oil supply from Iran would not have much impact on HPCL’s crude sourcing strategy.

“HPCL doesn’t import much from Iran and there are also alternatives to it, so there is not going to be any impact on us”, he said.

Replying to another question about HPCL having any dues from grounded Jet Airways, Surana informed that Jet doesn’t have any outstanding with HPCL.

In past, many key political leaders across party lines have batted for the inclusion of petroleum products in GST.

In October last year, Congress President Rahul Gandhi once again called for the inclusion of petrol and diesel under the ambit of the Goods and Services Tax (GST).

In Spetember, Union Petroleum and Natural Gas Minister Dharmendra Pradhan had also said that petrol and diesel should come under the ambit of Goods and Services Tax (GST).

“I want petrol and diesel to come under the ambit of GST. The GST Council should take a decision on this. State governments are more powerful than the Centre in the GST council meeting,” Pradhan had said.

The new government in the Centre will be formed after the announcement of results on May 23. Most exit polls have predicted a second-term for Narendra Modi led NDA government.

Source : http://www.sify.com/finance/expect-new-govt-to-bring-petroleum-under-ambit-of-gst-hpcl-chairman-news-commodities-tgfxN1bagidfc.html

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