Petrol Prices Could Almost Halve If Brought Under GST

Petrol Prices Could Almost Halve If Brought Under GST

Petroleum Minister Dharmendra Pradhan had on Wednesday said that the government is thinking about bringing fuels prices under the ambit of GST which will lessen the price burden on consumers.

The government has so far excluded petrol and diesel from the ambit of GST, but they still attract state and central levies such as excise duty and VAT. Different states have different rates of VAT applicable on petroleum products.

The pertinent question here is that why petrol diesel prices are still hovering between Rs 70-80 when the crude prices have fallen significantly since 2014. The answer lies in the pricing structure of petrol and diesel. Read More…

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