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Union Minster for Petroleum and Natural Gas has asked Dharmendra Pradhan on Sundaysaid that the ”industry wants” essential commodities like petrol and diesel be bought under the GST regime. The minister further said that ”the matter will be taken up with the GST council” meeting.
The move comes after petrol saw a Rs 3.38 jump in its price to Rs 63.47 a litre as compared to Rs 60.09 a litre, a month back. The price of diesel also increased to Rs 52.94 per litre as against Rs 50.2.
The IOC at the time had issued a statement saying that that the level of international prices warrant an increase in prices of petrol and diesel, “the impact of which is being passed on to the consumers.”
The call to increase to include the petrol and diesel under the GST regime comes at a time when the GST council is still finding it difficult to find consensus over fixing the tax rate acceptable to all member state.
A four-tier rate structure for GST had been proposed in the last GST council meet on October 20, with a lower rate of six per cent, two standard rates of 12 per cent and 18 per cent, and a higher rate of 26 per cent. And additional cess over and above 26 per cent for luxury and demerit goods has been proposed for the purpose of funding compensation to states in case of revenue loss after the GST rollout.
Finance Minister Arun Jaitley had said that the Council “converged towards a consensus” regarding the source of funds for compensation, however, technical details are still to be worked out. He added that the rate structure can be finalised only after it is decided how the ”compensation is to states” be funded out of cess or GST rate structure any other source. Fiance Ministry led by Arun Jaitley had set November 22 as the deadline for building consensus on all the issues in the Council. Meanwhile, the next GST Council meeting is scheduled for November 3-4.