As soon as the historic change in the GST structure is implemented, many everyday items will become cheaper. We are saying this because most companies are ready to pass on the benefits of this to the common people. At the same time, many people have doubts about petrol and diesel. Now Finance Minister Nirmala Sitharaman has given an important statement on this.
What did the Finance Minister say?
Nirmala Sitharaman has made it clear that petroleum products and alcohol will remain outside the scope of Goods and Services Tax (GST) in the near future. In an interview, the Finance Minister said that there is no proposal to bring petroleum or alcohol under the purview of GST in the near future. This means that the prices of petrol and diesel will remain the same as before. Oil companies or the government will make changes in it as per their discretion.
What did the Finance Minister say to provide relief to the common people?
In an interview to PTI, Finance Minister Nirmala Sitharaman said that we are in talks with the industry to pass on the benefits of rate cuts to common people and from September 22 (the date of implementation of the reduction in GST rates) our entire focus will be on ensuring that people get the benefit.
What has changed
The GST Council, which comprises the finance ministers of the Centre and the states, on
Wednesday decided to reduce the GST slabs from four to two. Now the tax rates will be five and 18 percent, while a special rate of 40 percent will be applicable on luxury items and harmful goods like cigarettes. The new tax rates will come into effect from September 22, except for cigarettes, tobacco and other related goods. Under the rationalisation of rates, rates have been reduced on consumer goods like television and air conditioners, as well as food and everyday items.
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