Petrol-Diesel Price: The general public can get relief from the rising inflation of petrol and diesel for a long time. This proposal can be considered in the 45th GST Council meeting.
New Delhi: Petrol- Diesel Price: The general public can get relief from the rising inflation of Petrol-Diesel (Petrol-Diesel Price Hike). A panel of ministers will consider the tax on petroleum products under a single national rate on the Goods and Services Tax (GST). According to those with knowledge of the matter, important steps can be taken for a possible major change in consumer price and government revenue.
A decision on this can be taken in the 45th GST Council meeting to be held in Lucknow on Friday. A panel headed by Finance Minister Nirmala Sitharaman will consider it.
How does the GST system change?
In fact, if any changes are to be made in the GST system, approval is required from three-fourths of the panel. Representatives of all states and territories will be involved in this. However, some of this proposal has opposed the inclusion of fuel in the GST because they say that in such a situation, it will hand over a major revenue-generating tool to the central government.
Petrol and diesel prices are breaking back
It is worth noting that the prices of petrol and diesel are increasing continuously across the country, due to which the general public is suffering. However, in the meantime, let us tell you that on Tuesday, September 14, 2021, for the ninth consecutive day, their prices are stable. Despite this, petrol in the capital Delhi is at the rate of 101.19 paise per liter. At the same time, diesel is Rs 88.62 per liter. Petrol in Mumbai is Rs 107.26 per liter. At the same time, diesel is 96.19 paise per liter.
Government treasury full of expensive petroleum products
In fact, the government’s excise duty collection on petroleum products has increased by 48 percent in the first four months of the current financial year. That is, in the midst of rising prices, petrol and diesel have played an important role in increasing the exchequer of the government. Excise duty collection during April to July 2021 exceeded Rs 1 lakh crore as against Rs 67,895 crore in the corresponding period of last fiscal. At the same time, in the financial year 2020-21, there has been a jump of 88 percent in the tax collected by the central government on petrol and diesel and the amount stood at 3.35 lakh crore.