Petrol-Diesel Price: The public can be relieved from the increasing burden of petrol-diesel (Petrol-Diesel Price Hike). A panel of ministers will consider imposing a tax on petroleum producers under the single national rate on Goods and Services Tax (GST). According to a person familiar with the matter, important steps could be taken for a possible major change in consumer prices and government revenue.
A decision on this is likely to be taken at the 45th GST Council meeting to be held in Lucknow on Friday. A panel headed by Finance Minister Nirmala Sitharaman will consider it.
How does the GST system change?
In fact, any change to the GST system would require one-fourth of the panel’s approval. It will include representatives from all states and territories. But some have opposed the proposal to include fuel in the GST, saying it would hand over a major revenue-generating tool to the central government.
The public is disturbed by the price of petrol-diesel
It is to be mentioned that the prices of petrol-diesel (Petrol Diesel Price Today) are constantly rising across the country, which is causing trouble to the people. But in the meantime let me tell you that Tuesday, September 14, 2021 has been stable for nine consecutive days. However, petrol in the capital Delhi is at 101.19 paise per liter. So diesel is at Rs 88.62 per liter. In Mumbai, petrol is priced at Rs 07.26 per liter, while diesel is priced at Rs 96.19 per liter.
Government coffers filled with expensive petroleum producers
In fact, the government’s collection of excise duty on petroleum producers has increased by 48 per cent in the first four months of the current financial year. That means petrol-diesel has played a key role in filling the government’s coffers amid rising prices. During April-July 2021, excise collection increased to over Rs 1 lakh crore from Rs 67,895 crore in the same period last fiscal.
So in the financial year 2020-2021, the tax levied by the central government on petrol-diesel has gone up by 88 per cent to Rs 3.35 lakh crore.