Petrol at Rs 75 per litre, diesel at Rs 68? GST Council could discuss proposal to include fuel under GST
Zee News
According to SBI economists, petrol price could ease to Rs 75 per litre if its brought under the ambit of the GST.
New Delhi: The Goods and Services Tax (GST) Council is all set to meet in Lucknow on Friday, September 15. Besides all other important issues, the council is likely to discuss bringing fuel prices under the ambit of GST taxation. If that happens, then the prices of petrol and diesel could plummet, in what could be a major respite for the common man who has been faced with high fuel prices in the past few years.
According to economists at the State Bank of India (SBI), petrol price could touch Rs 75 per litre if the brought under the ambit of the GST. At the same time, diesel could be priced as low as Rs 68 per litre if GST becomes applicable on the fuel.
The total loss of bringing petrol and diesel prices under GST will stand at about Rs 1 lakh crore or 0.4 % of GDP, according to the calculation by the economists made under the assumption of global crude prices at $ 60 a barrel and exchange rate at ₹ 73 per dollar.
