New Delhi: Hailing the GST Council's decision to reduce tax rates on several items and services, President of PHD Chamber of Commerce and Industry, Rajeev Talwar on Sunday urged the government and the council to consider bringing petroleum products under the ambit of Goods and Services Tax (GST).
"Considering the volatility in the international crude oil prices, petroleum products should also be considered under the GST to rationalise the impact of indirect taxes by subsuming VAT (Value Added Tax) and excise duties in GST," the industry body said in a statement quoting Talwar.
Currently, petrol and diesel are outside the purview of GST, and attract excise duty and VAT among other levies. Sector experts say, bringing the two under GST would lower their price, which this year surged to record levels, before taking a downturn in mid-October.
"Continuous reforms in the policy environment would pave the way for higher, sustainable and strong economic growth trajectory going forward," he added.
He also noted that a realistic, pragmatic and prudent policy approach would make India a tax-compliant country in the next few years.
"Reduction in tax rates on the items from TVs to movies tickets, marble rubble, frozen and preserved vegetables, among others is a great relief for every segment of the society," he said.
The GST Council in its 31st meeting on Saturday reduced the tax rates of 17 items and six services, including computer monitors, TV screens, video games, lithium-ion power banks, retreaded tyres, wheelchairs and cinema tickets.
With the latest rate cut announcement, only 28 items including cement, luxury and 'sin' goods remain in the highest tax bracket of 28 per cent.
"The shift in items from higher tax slabs to lower tax slabs is the visible intent of the government to constantly reforming the taxation system to make it more and more simple," Talwar said.
|State Capitals (Applicable from 6:00 a.m. on 24-12-2018)||Petrol Current Price(Per Lt)||Petrol Previous Price(Per Lt)||Change(Rs)|
|Petrol price in Delhi||Rs.70.07||Rs.70.27||-0.20|
|Petrol price in Kolkata||Rs.72.16||Rs.72.36||-0.20|
|Petrol price in Mumbai||Rs.75.69||Rs.75.89||-0.20|
|Petrol price in Chennai||Rs.72.70||Rs.72.91||-0.21|
|Petrol price in Faridabad||Rs.71.29||Rs.71.38||-0.09|
|Petrol price in Gurgaon||Rs.71.06||Rs.71.02||0.04|
|Petrol price in Noida||Rs.69.99||Rs.70.23||-0.24|
|Petrol price in Ghaziabad||Rs.69.87||Rs.70.03||-0.16|
|Petrol price in Agartala||Rs.67.08||Rs.67.11||-0.03|
|Petrol price in Aizwal||Rs.66.88||Rs.66.78||0.10|
|Petrol price in Ambala||Rs.70.67||Rs.70.85||-0.18|
|Petrol price in Bangalore||Rs.70.64||Rs.70.89||-0.25|
|Petrol price in Bhopal||Rs.73.02||Rs.73.30||-0.28|
|Petrol price in Bhubhaneswar||Rs.69.02||Rs.69.13||-0.11|
|Petrol price in Chandigarh||Rs.66.25||Rs.66.43||-0.18|
|Petrol price in Dehradun||Rs.70.39||Rs.70.63||-0.24|
|Petrol price in Gandhinagar||Rs.67.70||Rs.67.83||-0.13|
|Petrol price in Gangtok||Rs.73.45||Rs.73.65||-0.20|
|Petrol price in Guwahati||Rs.69.66||Rs.69.81||-0.15|
|Petrol price in Hyderabad||Rs.74.31||Rs.74.53||-0.22|
|Petrol price in Imphal||Rs.66.33||Rs.66.52||-0.19|
|Petrol price in Itanagar||Rs.63.99||Rs.64.17||-0.18|
|Petrol price in Jaipur||Rs.70.92||Rs.70.79||0.13|
|Petrol price in Jammu||Rs.71.54||Rs.71.73||-0.19|
|Petrol price in Jalandhar||Rs.75.05||Rs.75.27||-0.22|
|Petrol price in Kohima||Rs.68.03||Rs.68.39||-0.36|
|Petrol price in Lucknow||Rs.69.76||Rs.70.02||-0.26|
|Petrol price in Panjim||Rs.62.56||Rs.62.82||-0.26|
|Petrol price in Patna||Rs.74.39||Rs.74.59||-0.20|
|Petrol price in Port Blair||Rs.60.65||Rs.60.81||-0.16|
|Petrol price in Raipur||Rs.68.54||Rs.68.64||-0.10|
|Petrol price in Ranchi||Rs.69.02||Rs.69.11||-0.09|
|Petrol price in Shillong||Rs.67.52||Rs.67.51||0.01|
|Petrol price in Shimla||Rs.69.17||Rs.69.49||-0.32|
|Petrol price in Srinagar||Rs.74.57||Rs.74.76||-0.19|
|Petrol price in Trivandrum||Rs.73.41||Rs.73.67||-0.26|
|Petrol price in Silvassa||Rs.68.50||Rs.68.69||-0.19|
|Petrol price in Daman||Rs.68.38||Rs.68.60||-0.22|
|Petrol price in Pondicherry||Rs.69.34||Rs.69.56||-0.22|
Source for prices: Indian Oil Corporation