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If petrol diesel comes in GST, then the price can be reduced by Rs 25, GST Council meeting today

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Petrol Diesel Rate GST: Demand for bringing petrol and diesel rate under GST intensifies

New Delhi:

Petrol Diesel GST: The demand to bring petrol and diesel under the purview of GST is once again gaining momentum. This will be discussed in the meeting of the GST Council in Lucknow, the capital of UP. In the midst of this meeting of the GST Council, the figures of heavy tax on petrol, diesel are again in discussion. Do you know that the actual price of petrol is around Rs 45 and the tax on it is around Rs 55. That is, the common man has to pay double the tax on petrol and diesel (Petrol-Diesel Total Tax). If petrol diesel is brought under the purview of GST, then there can be a relief of 20 to 25 rupees per liter in the prices.

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If we talk about petrol in Delhi, then the price without tax is Rs 45.05 per liter and the excise duty of the center and VAT (Petrol Diesel Vat) of the states together is Rs 56.29 per liter. That is, 55.54 percent of the price of petrol is taxed on it. At the same time, the rate of diesel is Rs 88.77 per liter in Delhi. In this, the actual price is Rs 43.98 and tax of Rs 44.79 per liter. That is, a little more than 50 percent of the price of diesel is subject to tax and cess.

Petrol Price in Delhi (as on September 1, 2021)
Selling price excise duty Total VAT total tax real value percentage of tax in value
101.34 32.90 23.39 56.29 45.05 55.55%
Diesel Price in Delhi (as on September 1, 2021)
Selling price excise duty Total VAT total tax real value percentage of tax in value
88.77 31.80 12.99 44.79 43.98 50.46%

Union Finance Minister Nirmala Sitharaman and state finance ministers will participate in this meeting. But given the poor financial condition of the states and the revenue requirements of the Center due to Corona, the decision on this is difficult. If petrol and diesel are kept directly in the highest tax rate slab of GST, then the price can be reduced by 20 to 30 rupees. But still all the things including luxury cars, tobacco products are in the highest GST slab of 28 percent, in them also the government imposes various cesses and the tax rate is from 50 percent of the actual price of the product. reaches up.

In such a situation, if the government imposes cess on petrol and diesel along with tax, then much relief is not expected. However, some relief can be found at the current prices. Economists say that the PM Modi government has to compensate the states for the deficit in lieu of GST, so it will become necessary to impose a cess on 28 percent GST as well.

It is also necessary to do this in view of the increasing expenditure of development projects and salary-pension of the Center and the states. There is also a screw that the cess that the Center imposes on the excise duty of petrol and diesel, it does not have to be shared with the states. Whereas it may not be possible to do so under GST.

This is how the price of 1 liter of petrol is fixed

Price at petrol pump: 101.34 /L
Excise Duty (Centre) : 32.90 /Lit
VAT (State Tax) : 23.39 /Lit
Total Tax (Centre, State) : 56.29 /Lit
Total Tax (in Percentage) : 55.54 %
(Retail price as on Sept 1, 2021)

This is how the price of 1 liter diesel is fixed

Price at petrol pump – 88.77
Excise Duty (Centre) : 31.80 /Lit
VAT (State Tax) : 12.99 /L
Total Tax (Centre, State) :44.79 /Lit
Total Tax (in Percentage) : 50.45%
(Retail price as on Sept 1, 2021)

(Source- Indian Oil)

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