Apparently, as the price of fuel takes its utmost speed and as a result, it’s an all-time high. There is a survey which is going around that 77 % of citizens wish to indulge petrol and diesel under the range of the Goods and Services Tax ( GST).
This scrutinize has been performed by community social media platform Local Circles pointed that after the coronavirus second wave, ‘51 % of the community related to household told that they had sliced expanding to deal with the high petrol/ diesel prices; although 21 % had even decreased necessary expanding and were feeling the pressure strongly while 14 % conveyed they were even immersed into savings to pay for it.’
Including petrol and diesel in the form of GST will crucially enhance the cost of living for many. The cost of diesel and petrol reaches down to Rs. 75 per litre and Rs 70 per litre carrying 28 present GST. “This could give a massive stimulus to the economy and businesses through grown customer spending. Although, both the centre and states will see the failure of funds in the short term, the survey notes.”
The survey embraced 7,500 reactions from all-around 379 districts of India where men participated for 61 % and 39 % women participated. Whereas the massive number of respondents ( 44% ) related to tier 1 district, 29% from tier 2. However, 27 % of repliers came from tiers 3,4 and provincial districts.
KL & MH to Oppose Petrol & Diesel Under GST
The synopsis comes ahead of the 45th GST Council meeting, which might weigh bringing Petrol, diesel along other petroleum products under the GST horizon.
“As far as the process commences to transfer petrol and diesel under GST, the largest of this 77% will be happy seeing the light at the end of what has been a very dark tunnel this past year, the survey states.”
Presently, the price of petrol stood at Rs 101.19 per litre and the price of diesel was Rs.88.62 per litre in the national capital. Whereas in Mumbai the price of petrol is being sold at Rs.107.26 per litre and the price of diesel at Rs 96.19 per litre. As the price has remained constant for the 11th following day.
However, the government from Kerala and Maharashtra said they will resist any move to bring Petrol and diesel under the GST management, a proposal will take place in the 45th GST council meeting which is to be held on Friday in Lucknow.
The Finance minister of Kerala KN Balgopal stated that the state will strongly oppose if there would be any transit to affect petrol and diesel under the GST administration. He said the fuel prices emerged because of the massive increase of its tax by the Centre and if the Union Government decreases the tax, that will assist in bringing down the rates of petrol and diesel. If petrol and diesel are delivered under the GST management, Kerala will lose Rs 8,0000 crore yearly, the minister stated.
Maharashtra deputy chief minister Ajit Pawar said the Centre is free to politicise taxes but it should not affect areas that are under the state’s control. “If there is any move to do so, the state government will put forth its view in tomorrow’s GST Council meeting,” Pawar told. “We are yet to get ₹30,000 crores to 32,000 crores of our portion of the GST refund. Apart from Excise and stamp duty, the massive pool of income for the state government is from the GST,’’ Pawar who is also the finance minister of the state told.
The GST Council has a meeting tomorrow and the report said that it will analyze the tax rates of about four dozen products. Additionally, tax concessions on 11 COVID drugs are likely to be finalised.
Apart from this, there are two proposals which will be discussed in the meeting. The first one is for bringing petrol and diesel under the GST tax regime and the second one is to consider Zomato and Swiggy as restaurants and then impose a 5% GST on their services.
Reports also say that the council will also discuss the proposal of reducing GST from 12% to 5% to seven more drugs till December 31, 2021. These seven drugs are Infliximab, Itolizumab, Posaconazole, Casirivimab & Imdevimab, Bamlanivimab & Etesevimab, 2-Deoxy-D-Glucose and Favipiravir.
