Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

Bringing Petrol, Diesel Under GST Will Lower Prices, Says Maharashtra CM Fadnavis

The central government levies Rs 19.48 excise duty on a litre of petrol and Rs 15.33 on diesel. State sales tax or VAT varies from state to state. Unlike excise duty, VAT is ad valorem and results in higher revenues for the state when rates move up.

PTI

Updated:May 24, 2018, 3:27 PM IST
facebookTwitterskypewhatsapp
Bringing Petrol, Diesel Under GST Will Lower Prices, Says Maharashtra CM Fadnavis
File photo of Maharashtra Chief Minister Devendra Fadnavis.
Loading...

Mumbai: Fuel prices will come down once the Centre builds a consensus to bring petrol and diesel under the Goods and Services Tax (GST), Maharashtra Chief Minister Devendra Fadnavis said today.

Petrol and diesel prices are defined by international crude oil rates, Fadnavis noted.

"A task force is already working on reducing the fuel prices. If it (petrol and diesel) can be brought under GST, rates will come down. Maharashtra has already given its consent for it," the chief minister told reporters here.

The GST Council will also have to look into aspects like revenue losses before taking a decision, he said.

Talks are going on with finance ministers of all states, Fadnavis said, adding that "other states have not given their consent yet."

"Once petrol and diesel are brought under the ambit of GST, its threshold will change, because, right now, taxes upon taxes are levied which increases rates. GST will ensure a single tax," he said.

The Centre had in June last year junked the 15-year old practice of revising rates every fortnight and introduced daily revisions.

Petrol and diesel prices were raised for the 11th day in succession today as the state-owned oil firms gradually passed on to the consumer the increased cost of international oil that had accumulated since a 19-day freeze was imposed just before Karnataka elections.

Since the time the hiatus ended on May 14, rates have gone up by Rs 2.84 a litre in case of petrol and Rs 2.60 in diesel. Petrol costs Rs 77.47 a litre in Delhi and diesel Rs 68.53.

The central government levies Rs 19.48 excise duty on a litre of petrol and Rs 15.33 on diesel. State sales tax or VAT varies from state to state. Unlike excise duty, VAT is ad valorem and results in higher revenues for the state when rates move up.

Meanwhile, praising Prime Minister Narendra Modi, Fadnavis said the Centre has stood behind his state government "like Himalayas" and that all stalled projects were given a clearance under Modi's rule.

"Unprecedented funds have been given by the Centre to mitigate drought problems, for irrigation purposes, to build roads. The Centre has given Maharashtra in last four years what was not given in the last 20 years," he claimed.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results