Petrol and diesel To Be Put Under GST If Revenue Collections At 1 lakh crore

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    Since the implementation of GST from July 1, 2018 and then its rationalisation at various stages, revenue collection has only increased. Also, the new indirect regime is also said to be responsible to increase the gross direct tax receipts of the exchequer.

    Petrol and diesel To Be Put Under GST If Revenue Collections At 1 lakh crore

    For the June month, collections have stood at Rs. 95,601 crore well higher than the monthly average of Rs. 89,885 crore. And as the GST implementation is on the path of stabilizing at all levels, Finance Minister is hoping for its further rationalization in respect of rates.

    Also, as per the agencies report, today, Bihar Deputy Chief Minister Sushil Kumar Modi said that with the stabilization of GST collection at over Rs. 1 lakh crore on a month on month basis fuels including petrol and diesel may be put under its ambit.

    He is quoted in one of the leading business dailies reports as saying, "I think that the time has not come (to consider the inclusion of petrol and diesel under GST purview). It will take time."

    "When revenue collections stabilise at least at Rs 1 lakh crore per month, then the GST Council may consider as to when and how commodities like petrol and diesel be included under the ambit of GST," he said, speaking on the occasion of the completion of one year of GST roll out.

    Also as per his view the price of petroleum products may not come down, even if they are brought under its ambit, as states will have the power to impose tax (top up) beyond the highest GST rate of 28 percent.

    Already, the fuel prices in India are constantly under pressure because of the crude oil price rise and the sharp rally is unlikely to bring in relief soon for the mass consumers.

    Goodreturns.in

    Read more about: petrol diesel fuel crude oil gst
    Story first published: Monday, July 2, 2018, 11:11 [IST]
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