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

Sharing is Important
  •  
  •  
  •  
  •  
  •  
  •  
  •  

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.

ALSO READ: 67th National Film Awards: Kangana National Award For Best Actress

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.

READ:  Take old vehicle in junk and get a new vehicle

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.

ALSO READ: Gujarat: 1100 Workers Lost Their Lives Due To Accidents In Two Years

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.

READ:  No clue about missing TA soldier from Shopian yet: DGP Jammu and Kashmir

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

ALSO READ: Param Bir Singh Moves SC For CBI Probe Against Deshmukh

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.

You can connect with Ground Report on FacebookTwitter and Whatsapp, and mail us at GReport2018@gmail.com to send us your suggestions and writeups