With global oil prices weakening, the oil marketing companies are passing on the reductions to petrol and diesel consumers, especially since this is election season.
The Goods and Services Tax (GST) Council is likely to bring in two petroleum products – natural gas and aviation turbine fuel (ATF) – under the ambit of the new indirect tax system soon.
The Narendra Modi government is contemplating to bring petrol and diesel under the ambit of Goods and Services Tax (GST), Union Minister Ramdas Athawale said here. “We have done so much work, but there is some problem pertaining to petrol and diesel prices.
In what could come as urgent relief for oil companies, revenue authorities have allowed refineries to pay GST only on value addition done by job workers against on the total valuation.
After ruining the country’s small and medium enterprises through demonetisation and the Goods and Services Tax (GST), the central government is now hell-bent upon destroying Navaratna companies of the country.
Opposing the idea of bringing fuel products under the Goods and Services Tax (GST), three Chief Ministers from different political parties on Saturday said it would have a negative impact on their revenue collection.
Anger is brewing over the rising fuel prices. Farmers and industrialists, who have to bear the brunt of the price rise, have urged the government to take immediate steps to curb the soaring rates.
Union Minister Dharmendra Pradhan spoke to the media on fuel prices, reiterating his stand on bringing the fuels under the GST ambit. He said, “I want petrol and diesel to come under the ambit of GST. The GST Council should take a decision on this.”
Chief Minister Devendra Fadnavis on Sunday said that the state government is working on various proposals to provide relief from the rising fuel prices.
Petrol and diesel prices will be frozen for a day on Wednesday. Sources informed TOI that petrol will remain at Rs 86.72 per litre and diesel at Rs 75.74 per litre.