FM urges States to reduce VAT burden on Petroleum Products used for manufacturing

Finance Minister Arun Jaitley urges States to reduce burden of VAT on Petroleum Products used as inputs in manufacture of goods, requests them to explore possibility of having lower VAT rate; Highlights the concern of manufacturing sector regarding rise in input costs of petroleum products on account of transition to GST regime; Before introduction of GST, petroleum products, as well as final goods attracted VAT and hence, input tax credit of petroleum products, was allowed t...