• Rajasthan

    Cong 99
    BJP 73
    RLM 3
    OTH 24
  • Madhya Pradesh

    Cong 112
    BJP 108
    BSP 2
    OTH 5
  • Chhattisgarh

    Cong 67
    BJP 15
    JCC 7
    OTH 0
  • Telangana

    TRS-AIMIM 95
    TDP-Cong 21
    BJP 1
    OTH 2
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

Fuel price hike: Bringing petroleum products under GST won’t impact prices much, says Sushil Modi

By: | Published: May 26, 2018 7:55 PM

Modi, who is also Bihar's Finance Minister, was replying to a query whether the government is contemplating bringing petroleum products under the GST regime.

fuel price hike, petroleum products, GST, fuel prices, sushil modiBihar Deputy Chief Minister Sushil Kumar Modi today asserted that bringing petroleum products under the ambit of Goods and Services Tax (GST) will not have much impact in reducing its prices.

Bihar Deputy Chief Minister Sushil Kumar Modi today asserted that bringing petroleum products under the ambit of Goods and Services Tax (GST) will not have much impact in reducing its prices. “It is a big misconception (among the people) that price of petroleum products will be reduced significantly if they are brought under GST ambit. Instead, the move will have minor impact in terms of reducing prices of petroleum products,” Sushil Modi, who also heads the GST Network panel, told reporters.

“Under the GST regime, there is a practice across the world which empowers states to impose tax over and above the highest GST tax rate. This has been the practice followed everywhere in the world where GST has been implemented,” Modi said. Modi was speaking to reporter here after reviewing the 64th quarterly State Level Bankers Committee (SLBC) meeting. Modi, who is also Bihar’s Finance Minister, was replying to a query whether the government is contemplating bringing petroleum products under the GST regime.

He said that the issue of whether or not to include petroleum products under GST will be decided by the GST Council. “There is unanimity in the GST Council that petroleum products will not be brought under GST regime until it (the new GST regime) stabilises,” Modi said.

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