Bring Petrol and Diesel under GST to bring down its prices around Rs 44 per litre!
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Today's (20th Sep 2017) price of Petrol in Delhi is Rs 70.52 and Diesel Rs 58.79.
Oil Companies derive at this price by applying Central Govt.'s Excise Duty, Dealer's Commission and State's VAT on the prices Oil Companies sell to the dealer.
Let us see how petrol price becomes 70.52 per litre in Delhi:
After applying all costs such as Importing Cost, Marketing Cost, Refining Cost, Freight and Other charges, Oil Companies sell at Rs 30.48 per litre to the Dealer.
Then add, 70.5% or Rs 21.48 as Central Govt.'s Excise Duty.
Then add, 11.5% or Rs 3.57 as Dealer Commission.
Then add, 49% or Rs 14.99 as State's VAT. However, they say that it is 27% since they apply it on Dealer price + Excise Duty + Dealer Commission!! How misleading?
In effect, 108% tax (Excise Duty and VAT) is applied on Dealer Price of Rs 30.48 and their Commission of Rs 3.57 (Rs 34.05).
Even if we apply the highest bracket of GST, that is 28%, the price will be only Rs 43.58. (on Dealer's Selling Price of Rs 30.48 and their Commission of Rs 3.57).
When all products and services are under GST, let us demand Government to bring Petroleum products also under GST. We don't mind paying highest tax of 28%.
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