ECONOMY

Bringing Petrol, Diesel Under GST Limits Pan India: SBI Research

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One of the unfinished agendas of the current goods and services tax regime is bringing petrol and diesel under GST.

Centre and states are loathe to bring crude oil products under the GST regime as sales tax/value-added tax on petroleum products is a major source of own tax revenue for them.

Thus, there is lack of political will to bring crude under the ambit of GST.

Interestingly, no country in the world has a completely transparent mechanism in pricing petroleum products. However, the federal nature of taxing makes estimating state-wise petroleum, oil, and lubricants related product prices an especially tough exercise for India.

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