March 25, 2021 5:44:02 pm
Former Union Oil Minister and senior Congress leader M Veerappa Moily on Thursday said “distortions” in the GST Act will have to be removed before the government considers to bring petrol and diesel under the regime.
He said states should be adequately compensated for revenue loss in the event of petrol and diesel being brought under the GST regime.
The former Karnataka Chief Minister alleged “distortions” in the GST Act in the context of “procedures, unnecessary taxation and tax rates putting additional burden on traders, their harassment and corruption”.
“Before processing the proposal to bring petrol and diesel under GST, they will have to revisit the entire GST Act….GST Act will have to be properly re-rationalised, and distortions will have to be removed”, Moily told PTI.
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BJP member Sushil Kumar Modi said in Rajya Sabha on Wednesday that bringing petrol and diesel under the GST regime is not possible for the next 8-10 years as no state is ready to face the annual revenue loss of over Rs two lakh crore on this account.
“Repeatedly, the issue of putting petrol and diesel in the GST regime is being raked up. I have been associated with the GST for a long time, I want to know from the House, that if petrol and diesel are put under the GST regime, who will compensate for the loss of revenue of over Rs two lakh crore to states,” Modi had asked.
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