What If Petrol Comes Under Gst

Earlier in the day members from the Opposition benches said high prices of diesel petrol and LPG were hurting the common man across the country and asked the government to reduce their rates. On demands to bring petrol and diesel under GST regime the Minister quoting a member says the highest tax on petrol and diesel is in Maharashtra.

Illustration Of Diesel Petrol Prices Build Up Under Gst Regime If Included Petrol Price Petrol Diesel

Bringing petrol and diesel under the GST regime is not possible for the next 8-10 years as no state is ready to face the annual revenue loss of over Rs 2 lakh crore on this account BJP member Sushil Kumar Modi said in Rajya Sabha on Wednesday.

What if petrol comes under gst. Speaking in support of the Finance Bill the former finance minister of Bihar dared the Opposition to raise the matter in the GST Council. It is less complicated than filing for separate taxes like VAT service tax etc. The two will be merged under the GST bringing uniformity and resolving the issue of higher fuel prices in some states due to higher VAT.

Speaking in the Rajya Sabha on Wednesday Modi said One thing which repeatedly comes up is that petrol and diesel prices be brought under the GST slab. Union Finance Minister Nirmala Sitharaman on Monday said that there is no proposal to bring crude oil petrol diesel jet fuel ATF and natural gas under the Goods and Services Tax GST. The Centre and states together earn over Rs 5 lakh crore from tax on petroleum products he said.

The Finance Ministers statement comes within days of clarifying that there is no proposal as of now to bring crude oil petrol diesel jet fuel ATF and natural gas under the Goods and Services Tax GST. The GST Council headed by Union Finance Minister and comprising state finance ministers is the highest decision making body regarding GST. He said that petrol for vehicle inflation has risen.

GST allows businesses to pay only a single tax and come under a single tax system. If petrol or diesel would be brought under the Goods and Services Tax GST regime then how would the loss of Rs 2 lakh crore revenue to states be recovered. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products Modi told the Rajya Sabha while participating in a discussion on the Finance.

BJP leader Sushil Kumar Modi Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states.

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