Experts believe that if 18 percent GST is imposed on petroleum products then the cost of petrol in Delhi will be reduced to Rs 45.75 per liter.
New Delhi, The skyrocketing prices of petrol and diesel have come off. This is the biggest problem for common people. With the movement being expensive, most of the things needed are getting out of the realm. This is the reason why demand for introduction of petroleum products in the realm of GST has begun.
The prices of both of them are expected to come down due to the GST scarcity, as a rate of GST will be applicable in place of the different tax collected by the central and state governments.
It is believed that the government can take a firm decision in this regard before the completion of one year of GST on July 1. In such a case, the question of all the people is that if petroleum products are brought under the purview of GST then how much deficiency in petrol and diesel prices will be in the real sense.
You will be surprised to know that on petrol, you pay about 55.5% and diesel about 47.3% tax. Central Excise Duty of the Central Government and VAT of State Governments is included in the major tax levied on petrol and diesel.
Experts believe that if 18 percent GST is imposed on petroleum products then the cost of petrol in Delhi will be reduced to Rs 45.75 per liter. However, both the Center and the State will have to take a bold step, which is not possible.
That is why most experts believe that 28 percent GST can be imposed on petrol and diesel. In this situation, the price of petrol in Delhi can be around 55 rupees per liter. Experts also say that apart from 28 percent GST, the states can be given the right to impose some cess, so that they can compensate for some of their losses. Under the rest of the GST rules, the center will compensate the deficiencies in their revenue for 5 years