GST On Petrol and Diesel: Finance Minister's big announcement amidst the rising price of petrol and diesel



National Desk:
Petrol and Diesel Price: The prices of petrol and diesel are skyrocketing.  Recently, the government had reduced the excise duty on petrol and diesel.  After this the prices had come down.  Despite this, the rates of petrol remain above Rs 100 per liter in many cities.  Now, for the purpose of reducing the price, Finance Minister Nirmala Sitharaman has given a big signal.  The Finance Minister said that if the state is ready, petroleum products can be brought under the Goods and Services Tax (GST).  She said that for the last few years, the government's effort has been to increase public expenditure to promote economic growth.
In a post-budget meeting with the members of industry body PHD Chamber of Commerce and Industry (PHDCCI), the Finance Minister said, “There is already a provision to bring petroleum products under the ambit of GST.  The Finance Minister before me has kept the option open in this regard." Let us tell you that five petroleum products crude oil, petrol, high speed diesel, natural gas and aviation fuel are out of GST.  The GST Council has to consider the date of bringing these products under the ambit of GST.
   She said, 'After the states agree, we will bring petroleum products under the ambit of GST.'  Let us tell you that if petroleum products are brought under the purview of GST, then the rates of petrol and diesel will come down.  The next meeting of the GST Council will be held on February 18, 2023 in New Delhi.  The Finance Minister also said that the government has increased capital expenditure by 33 percent to Rs 10 lakh crore in the budget for the financial year 2023-24.

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