Picture courtesy taxmantra.com
New Delhi: Several experts have said that fuel prices in India can be lowered by bringing petrol and diesel under the GST regime. Even Union Finance Minister Nirmala Sitharaman had thought aloud such a possibility.
However, senior BJP leader Sushil Kumar Modi said on Wednesday it won’t be possible to bring petrol and diesel under GST for the next 8 to 10 years.
“It is not possible to bring petrol and diesel under GST regime in the next eight to 10 years because states would not be ready for an annual revenue loss of ₹2 lakh crore (collectively by all states),” Modi said during a discussion on the Finance Bill 2021 in Rajya Sabha.
“If petrol or diesel are brought under GST regime then how would the loss of Rs 2 lakh crore revenue to states be recovered. The Centre and states together earn over Rs 5 lakh crore from tax on petroleum products,” he informed members.
The price of petrol rose steadily during the past year and crossed Rs 100 per litre in some states.
In a rare reduction in rate, the price of petrol was cut by 18 paise per litre and diesel by 17 paise a litre on Wednesday.
Also Read: Committed To Bring Natural Gas Under GST To Make Prices Cheaper: PM
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