Bring petrol and diesel under GST

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Global fuel prices have significantly gone down since last year. In June 2016 per barrel price of oil was $114/Barrel which has come down to $50/Barrel in 2016. But, in India, domestically, we are paying even more comparing last year. One the major reason behind this huge increment in excise duty and additional VAT on fuel prices. Excise duty on petrol & diesel were Rs 9.48 and Rs 3.56 per litre respectively before the NDA government took over. But, through repeated hikes, it has jacked up duty to Rs 21.48 7 Rs 17.33 per litre, an increment of 226% and 486% respectively over the May 2014 level. Moreover, additional 27% VAT makes it one of the costliest fuel in South Asia. In Delhi, currently, price of petrol is roughly Rs.71 per litre, wherein Mumbai this figure is roughly Rs.81 per litre of petrol

The solution to this is to bring petrol under GST (Goods and Service Tax). If this happens then maximum tax on petrol would be 28% which results in the significant drop in petrol prices in retail. Petrol prices under GST of 28% would not be more than Rs.39/ltr.

So it's a request to sign this petition in order to save ourselves from sky-high prices of petrol and diesel.

 

 



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