Union Minister of State for finance Anurag Thakur said on March 9 that the government was open to a discussion on bringing petroleum products and LPG under the Goods and Services Tax (GST) system.
It depends on the members of the
GST Council, Thakur said while speaking to Times Now outside Parliament.
The prices of petrol and diesel are at a record high across the country, with taxes accounting for the bulk of the costs.
In a written reply to a question in the Rajya Sabha, the minister said the GST Council had so far not recommended placing GST on petrol and diesel.
"As per the section 9(2) of the CGST Act, inclusion of these products in GST will require recommendation of the GST Council. So far, the GST Council has not made any recommendation for inclusion of petrol and diesel under GST," Thakur said.
Economists at State Bank of India (SBI) are of the view that the cost of petrol and diesel can be lowered to Rs 75 per litre and Rs 68 per litre respectively, if brought under the ambit of the GST system.
Source:moneycontrol.com