The central government is concerned about lowering petrol and diesel prices. If the GST Council implement the recommendations of Petroleum Minister Dharmendra Pradhan, the price of petrol-diesel in the country will be reduced by half. Two days ago, their ministry was constantly requesting the GST Council to include petroleum products in its jurisdiction because it would benefit the people. Finance Minister Nirmala Sitharaman has also issued similar signs.
The RBI Governor said – try to reduce the price of petrol and diesel and cooperate with the Center
In some places in Rajasthan and Madhya Pradesh, the price of petrol is already Rs. Taxes are a big reason why petrol and diesel are expensive. The central government charges excise and state VAT. Now the central and state governments are collecting more than 100 percent tax in the name of excise and VAT. The prices of these two are so high that the petrol price of Rs 35 per liter in the states goes up to Rs 90 to Rs 100 per liter. In the national capital New Delhi, petrol prices have been priced at Rs 91 per liter and diesel at Rs 81 per liter. The center has imposed excise duty of Rs 32.98 and Rs 31.83 per liter respectively.
This affects the petrol and diesel rates.
- If petrol and diesel are kept at high GST prices, the current prices could be halved.
- If the GST Council chooses a lower slab, then prices may fall short.
- There are four primary GST rates in India – 5 percent, 12 percent, 18 percent and 28 percent.
- If petrol is placed at 5 per cent GST slab, it will be reduced to Rs 37.57 a liter and diesel to Rs 38.03.
- If fuel is kept in 12 percent slabs, petrol will be priced at 40 percent and diesel at 40.56 rupees.
- Petrol at 18 per cent GST slab is priced at Rs 42.22 and diesel at Rs 42.73.
- On the other hand, if fuel is kept in the slab of 28 per cent, petrol will cost Rs 45.79 and diesel Rs 46.36.
Petrol, sold at half price in Pakistan, Rs 1.45 a liter in Venezuela, knows why oil is expensive in India
Where is the problem
States are not willing to bring petrol and diesel under the GST regime. The GST was implemented on 1 July 2017. Due to the high reliance of states at the time, petrol and diesel were excluded. If the GST includes petroleum products, the fuel will have uniform prices across the country. So far, petrol costs Rs 4.63 per liter and diesel rates Rs 4.84 per liter. Tell us what is high. Similarly, petrol will cost Rs 7.22 per liter and diesel 2021 at Rs 7.45 per liter.
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