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- Indian Auto LPG Coalition (IAC)has appealed for a reduction in the goods and services tax (GST) rates on LPG conversion kits for automobiles from the current 28% to 5%. This would help boost vehicle conversions to Liquefied Petroleum Gas (LPG) which is an environment-friendly fuel.
- LPG conversion kits allows vehicles to run on LPG rather than petrol or diesel.
- GST (Goods and Services Tax) is an indirect tax that has replaced many Central and State taxes like excise duty,VAT and service tax. It is a single comprehensive tax levied on all goods and services produced in India as well as those imported from other countries.The GST council has categorised items in five major slabs – 0%, 5%, 12%, 18% and 28%.
- Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.GST Council is a joint forum of the Centre and the States. It consists of the following members:(a) The Union Finance Minister is the Chairperson (b) The Union Minister of State, in-charge of Revenue of finance and (c) The Minister In-charge of finance or taxation or any other Minister nominated by each State Government.
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