In a recent development, the Central Government might be willing to reduce the taxes on petroleum products. However, the states are also expected to follow the same path.
Union Minister Welcomes Discussion Of Reducing Petrol And Diesel Prices
After a lot of criticism and protests, the Central government has reportedly welcomed the discussion to reduce the taxes levied on petrol and diesel. The Union Minister of State for Finance Anurag Thakur said that the decision might reach some conclusion if the state governments also follow their footsteps.
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While responding to a question in Lok Sabha, he said that they are ready to bring petroleum products under the work for Goods and Services Tax (GST). The Centre currently levies excise duty on petrol and the state levies VAT on the same.
Thakur further clarified that the price of crude oil was reduced to $19 per barrel in March 2020. But the price shot to $65 per barrel this year.
As per the reports, the current price of crude oil per barrel is $66.23.
No State Proposal To Bring Petroleum Products Under GST
When asked why the government hasn’t put petroleum products under the ambit of GST as the previous finance minister Late Arun Jaitley. Thakur said that they have not received any proposal from the state regarding the same.
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He said that if any of the states propose to put petroleum products under GST, then the centre is open for discussion.
Currently the petrol prices in the national capital is Rs 91.17 per litre and the price of Diesel is Rs 81.47. The prices have remained unchanged for the sixteenth day.
