By Admin 
GST on Petrol-Diesel: Under GST reforms, the price of many essential things in the country is going to decrease in the country from 22 September. This is going to benefit the common man. Now the biggest question is why petrol and diesel are not being brought under the purview of GST, while their prices are touching the sky. Petrol prices have gone beyond Rs 100 per liter in many city of the country, while diesel prices have also crossed Rs 90 per liter. Due to rising prices, the reason for not bringing petrol and diesel under the purview of GST has come out.
Because of this, petrol and diesel will not come inside GST?
Sanjay Kumar Aggarwal, Chairman of the Central Board of Indirect Tax and Customs (CBIC), while replying to this, said that it is not possible to bring petrol and diesel under the purview of GST at the moment because they seem to be paid. With this, the government along with the states gets a good revenue in the form of central excise duty.
Speaking to the news agency IANS, he said that the central excise and price is currently added to petrol and diesel. Both these petroleum products get enough revenue to the states as VAT and the central government as central excise duty. Sanjay Kumar Aggarwal further says, “In view of the revenue, these products cannot be brought under the purview of GST.” This statement of the CBIC chairman came after Finance Minister Nirmala Sitharaman last week that the central government deliberately included petrol and diesel in the proposal of GST Council.
Petrol and diesel was scheduled to join GST
The Finance Minister had said, “We are legally ready, but this decision will have to be taken to the states.” According to him, petrol and diesel were scheduled to join it. The Finance Minister said, “I remember that when GST was implemented, my late predecessor Arun Jaitley talked about it.”
Finance Minister Sitharaman said, “After the consent of the states, they will have to fix the taxation rate in the council. Once the decision is taken, it will be included in the Act.” In the GST implemented in July 2017, products like petrol, diesel and alcoholic beverages were then kept out of its purview. These goods are the major sources of revenue for both the central and state governments through excise and VAT. They contribute more than 25-30 percent of their tax revenue for many states.
Also read:
Big gift to investors from Baba Ramdev’s company, 66.7 percent of the shares did not suffer losses; Learn why?