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Petrol costs under Rs 45 per Litre if this happens
By: Tupaki Desk | 19 Sep 2017 5:40 PM GMT
Union Oil Minister Dharmendra Pradhan recommended Finance Ministry to bring Petrol & Diesel under Goods & Services Tax (GST). If this happens, Consumer will get benefitted hugely but the Government would lose a lot of revenue.
For example, A Litre of Petrol costed Rs 70 on Monday. Even if it is placed in the 28% of GST Slab, The price of Petrol will fall to around Rs 42 per litre.
Both Centre & State Governments willn't be in favour of the GST on Petroleum Products as they are fetching them huge revenues. On an average, Each State earns Rs 1,000 crore per month in the form of taxes on petroleum products.
All-India Petroleum Dealers Association M Prabhakar Reddy didn't hesitate to say Centre and States willn't let that happen even if Oil Minister & Dealers are in it's favour because they will lose revenue.
For example, A Litre of Petrol costed Rs 70 on Monday. Even if it is placed in the 28% of GST Slab, The price of Petrol will fall to around Rs 42 per litre.
Both Centre & State Governments willn't be in favour of the GST on Petroleum Products as they are fetching them huge revenues. On an average, Each State earns Rs 1,000 crore per month in the form of taxes on petroleum products.
All-India Petroleum Dealers Association M Prabhakar Reddy didn't hesitate to say Centre and States willn't let that happen even if Oil Minister & Dealers are in it's favour because they will lose revenue.
