Should Petrol & Diesel come under GST?
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Every commodity that we pay for has come under GST ranging from 5 to 28% respectively. But Petroleum Products such as (Petrol, Diesel, Natural Gas) are kept out of it.
Total of 11 excise duties are applied over the import price of crude oil before selling it to the public. We solely welcome GST and would like the same if petroleum products will come under it as well. Comparing to our neighbouring countries, India has the highest prices for petrol & diesel.
As of August 2017 PETROL PRICE DISTRIBUTION WITH & WITHOUT GST:
- Cost of crude oil : ₹20.19/Lt
- After refining, processing, transportation, operational cost(₹9.34/Lt) Price after all this : ₹ 29.53/Lt
- After that 72% excise duty(₹21.48/Lt.) is implemented by central government, Why?: This takes the cost to ₹51.01/Lt, as after 9% CGST Excise(₹2.66/Lt.) the price will be ₹33.19/Lt.
- Commission to petrol pump dealers(₹3.23/Lt) : Without GST ₹54.24/Lt, With CGST ₹36.42/Lt.
- After that 27% VAT is implemented by State Government on Petrol which is ₹14.64/ Lt. gives ₹69.88 as of with 9% SGST it's ₹39.70/Lt.
PRICE OF PETROL WITHOUT GST : ₹69.88 / Lt.
PRICE OF PETROL WITH GST : ₹39.70/ Lt.
What is better for us you all decide?
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