New Delhi: GST Council Member and Bihar Deputy Chief Minister Sushil Modi on Friday outright ruled out bringing petroleum products under the ambit of Goods and Services Tax (GST) in near future, citing loss of revenue both to central and state governments.
He added there was no consensus in the GST Council on the issue yet and if such a decision was effected in a hurry, both the Central and the state governments would incur huge revenue losses.
Modi, the Bihar Finance Minister, added that even if petroleum products are brought under GST, there is no guarantee that they would attract a tax rate within 28 per cent and states may levy additional taxes for want of more revenue.
His statement comes days after NITI Aayog Vice Chairman Rajiv Kumar told IANS in an interview that petrol and diesel can't be brought under GST any time soon since the total state and Central taxes on petrol put together are around 90 per cent right now.
He had said that no state will be willing to take a cut so huge and opening a new slab under GST would be an enormous exercise.
However, Modi said the Council could positively consider bringing in natural gas and aviation turbine fuel within the purview of GST.
Addressing a National Conclave on "GST - Growing Stronger Together" here, he said the GST slab of 28 per cent for certain products could be brought down only once the revenues stabilize at about Rs one lakh crore per month, a statement said.
The average monthly collection under GST stood at Rs 89,885 crore during 2017-18.
"Similarly, a three slab GST could also be possible at any rate between 12 per cent and 18 per cent once the monthly revenue collections move towards stability which will take time," he added.
|State Capitals (Applicable from 6:00 a.m. on 29-06-2018)||Petrol Current Price(Per Lt)||Petrol Previous Price(Per Lt)||Change(Rs)|
|Petrol price in Delhi||Rs.75.55||Rs.75.55||0.00|
|Petrol price in Kolkata||Rs.78.23||Rs.78.23||0.00|
|Petrol price in Mumbai||Rs.83.12||Rs.83.12||0.00|
|Petrol price in Chennai||Rs.78.40||Rs.78.40||0.00|
|Petrol price in Faridabad||Rs.76.33||Rs.76.33||0.00|
|Petrol price in Gurgaon||Rs.76.09||Rs.76.09||0.00|
|Petrol price in Noida||Rs.76.61||Rs.76.61||0.00|
|Petrol price in Ghaziabad||Rs.76.49||Rs.76.49||0.00|
|Petrol price in Agartala||Rs.71.46||Rs.71.46||0.00|
|Petrol price in Aizwal||Rs.71.57||Rs.71.57||0.00|
|Petrol price in Ambala||Rs.75.67||Rs.75.67||0.00|
|Petrol price in Bangalore||Rs.76.77||Rs.76.77||0.00|
|Petrol price in Bhopal||Rs.81.14||Rs.81.14||0.00|
|Petrol price in Bhubhaneswar||Rs.74.38||Rs.74.38||0.00|
|Petrol price in Chandigarh||Rs.72.66||Rs.72.66||0.00|
|Petrol price in Dehradun||Rs.77.07||Rs.77.07||0.00|
|Petrol price in Gandhinagar||Rs.74.87||Rs.74.87||0.00|
|Petrol price in Gangtok||Rs.78.65||Rs.78.65||0.00|
|Petrol price in Guwahati||Rs.77.66||Rs.77.66||0.00|
|Petrol price in Hyderabad||Rs.80.03||Rs.80.03||0.00|
|Petrol price in Imphal||Rs.73.65||Rs.73.65||0.00|
|Petrol price in Itanagar||Rs.71.51||Rs.71.51||0.00|
|Petrol price in Jaipur||Rs.78.27||Rs.78.27||0.00|
|Petrol price in Jammu||Rs.77.30||Rs.77.30||0.00|
|Petrol price in Jullunder||Rs.80.73||Rs.80.73||0.00|
|Petrol price in Kohima||Rs.74.07||Rs.74.07||0.00|
|Petrol price in Lucknow||Rs.76.56||Rs.76.56||0.00|
|Petrol price in Panjim||Rs.69.62||Rs.69.62||0.00|
|Petrol price in Patna||Rs.81.04||Rs.81.04||0.00|
|Petrol price in Pondicherry||Rs.74.37||Rs.74.37||0.00|
|Petrol price in Port Blair||Rs.65.16||Rs.65.16||0.00|
|Petrol price in Raipur||Rs.75.97||Rs.75.97||0.00|
|Petrol price in Ranchi||Rs.75.72||Rs.75.72||0.00|
|Petrol price in Shillong||Rs.75.01||Rs.75.01||0.00|
|Petrol price in Shimla||Rs.75.73||Rs.75.73||0.00|
|Petrol price in Srinagar||Rs.79.99||Rs.79.99||0.00|
|Petrol price in Trivandrum||Rs.78.63||Rs.78.63||0.00|
|Petrol price in Silvasa||Rs.73.50||Rs.73.50||0.00|
|Petrol price in Daman||Rs.73.43||Rs.73.43||0.00|