States will be allowed to levy more tax on fuel if it’s brought under GST, says Bihar deputy CM

30 Juin, 2018, 20:29 | Auteur: Auguste Feret
  • GSTN- Taxscan

The Bharatiya Janata Party leader, however, said it would take a while for fuel prices to be brought under the purview of the new tax regime.

If you are one of those who think that bringing petrol and diesel prices under the ambit of GST will drastically reduce their prices and make life easier for the common man, think again!

Modi, however, said it will take some time for states to get around to including petrol and diesel in the GST and the Council will take a final call on the timing. He said 45%-50% of state tax revenues are generated from petrol and diesel. "The price of petrol, diesel will continue to be driven by global factors", Modi said.

As Goods and Services Tax (GST) completes one full year of implementation, there are many major events that stakeholders have brought about in the year gone by.

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The Centre now imposes a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. Mumbai has highest Value-Added Tax of 40 percent on petrol and Telangana has highest Value-Added Tax of 26 percent on diesel.

Down South, there is not one single Chief Minister who will pass on the benefits to the people by not levying additional taxes.

For petrol and diesel, the total incidence of present taxation is already beyond the peak rate and if the tax rate was to be kept at just 28 per cent it would result in a big loss of revenue to both centre and states. Petrol costs Rs 75.55 a litre and diesel Rs 67.38 in Delhi today.

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