Global News

Bringing fuel under GST: Govt on the horns of a dilemma

Bringing fuel under GST: Govt on the horns of a dilemma

While the Gujarat government cut the fuel prices by 4 per cent, the Maharashtra government reduced petrol and diesel prices by Rs 2 and Rs 1 respectively. The Opposition Congress cried foul, alleging that the step has been taken by the Government with an eye on the upcoming State poll and is a result of the pressure built up because of the response to Congress Vice-President Rahul Gandhi's campaign tour in the State."After the Central Government's instructions, Gujarat has made a decision to reduce Value-Added Tax on petrol and diesel by 4 per cent from today mid-night", Chief Minister Vijay Rupani said at a press meet here.

In a bid to promote cashless transactions, the Modi government has announced marginal discounts on petrol and diesel purchased through BHIM App.

The state will have to bear burden of about Rs 940 crore for reducing petrol prices and about Rs 1,075 crore for the cut in diesel prices. The reduction comes after the state government cut prices of auto fuel by 60 paise soon after the Centre's decision to reduce basic excise duty by Rs 2 per litre from October 4.

Chief Minister Siddaramaiah on Wednesday ruled out slashing sales tax on petrol and diesel. The proposals were drafted during the 22nd meeting of the GST Council in order to reduce cascading effect of taxes on petrol, diesel, jet fuel, natural gas and crude oil, as well as incentivise exploration and production of petroleum and oil and downstream sector. Since June, the Oil Marketing Companies (OMCs) have been announcing daily revisions in fuel prices.

"Cabinet has made a decision to lower the Value-Added Tax by one percent on petrol and diesel in the state". Maharashtra has a different level of taxes on petroleum products. The lowering of tax in poll-boundGujaratfollows Union Finance Minister Arun Jaitley recently writ - ing to all State Governments, nudging them to reduce taxes on petrol and diesel.

Tottenham Hotspur's Danny Rose 'would turn down Chelsea for Manchester United'
Already this season four different players have operated in the role-Ashley Young, Matteo Darmian, Daley Blind and Luke Shaw. According to the Daily Star , Tottenham Hotspur defender Danny Rose has made his mind up over a move to Manchester United .

Because of this move, the state government will suffer a loss of Rs 2,316 crore annually.

A reduction in the VAT imposed by state governments will further add to a loss in revenue for states, although the degree of impact for states would be lower given that VAT is charged as percentage of total fuel price which have been rising sharply.

In 2016-17, Maharashtra consumed 426.80 crore litres of petrol and 976.46 crore litres of diesel.

According to the report, the new rates are Rs 68.32 per litre ( down from from Rs 69.01) for petrol and Rs 56.32 (Rs 57.09) for diesel.


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