Not possible to bring petrol, diesel under GST for next 8-10 years: Sushil Modi

During the discussion on the Finance Bill in Rajya Sabha, Sushil Modi said that all states get tax revenue of about two lakh crore rupees from petrol and diesel.

Former GST Council convenor and BJP leader Sushil Kumar Modi has said in Parliament on Wednesday that it is not possible to bring petrol and diesel under the GST system for the next eight to 10 years.

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Earlier, Union Finance Minister Nirmala Sitharaman had said on Tuesday that the next meeting of the GST Council will consider bringing petrol and diesel under the GST system.

But during the discussion on the Finance Bill in Rajya Sabha today, Sushil Modi said that on bringing both these products under GST, all the states will have to bear a loss of about two lakh crore rupees every year.

She said that at present, the central and state governments collectively collect tax of more than five lakh crore rupees from petroleum products.

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Sushil Modi is currently the Rajya Sabha MP of the BJP and was the Deputy Chief Minister of Bihar till a few months ago and was also looking after the Finance Department of the state.

According to experts, the statement of the former convenor of the GST Council is important for people hoping that petroleum products will be cheaper.

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Petrol prices were slashed by 18 paise per litre on Wednesday and diesel prices were cut by 17 paise per litre in the first reduction in over a year as international crude oil prices tumbled to its lowest levels since Friday. Fuel prices were last slashed on March 16, 2020.

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