The total taxation on petrol and diesel, including state-levied value-added tax (VAT) and the centre’s excise duty, comes to about 35%-50% (45%-50% for petrol and 35%-40% on diesel), one of the officials said.
Different states levy different amounts of VAT on petroleum products.
Even if the peak GST rate of 28% is applied to petroleum products, there will be huge revenue loss for both the state and central governments, the official added.
Both officials, mentioned above, spoke under the condition of anonymity.
“If petroleum products like petrol and diesel are put under the ambit of GST, consumers may have limited benefit. But, it will end up ballooning the state government’s fiscal deficit," the second person said.
Bu hikaye Mint Mumbai dergisinin September 27, 2023 sayısından alınmıştır.
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Bu hikaye Mint Mumbai dergisinin September 27, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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