EP1034 – Is Petrol At Rs 75 Per Litre A Possibility? | India Development Debate
04 MARCH 2021 | ET NOW | 13 MIN 59 SEC
Fuel under GST remains an unfinished agenda. According to an SBI report, the Centre & States are unwilling to bring crude oil products under GST. Sales Tax/VAT on fuel is a major source of own tax revenue for them. Centre gains both excise and customs on oil and oil products. Lack of political will to bring crude under the ambit of GST. Petrol price can go down to Rs 75 per litre if brought under GST. Diesel will come at Rs 68 per litre if brought under GST. Revenue loss for Centre & states will be only Rs 1 lakh crore or 0.4% of GDP. Watch the debate with Tamanna Inamdar and Dr SK Ghosh, Group Chief Economic Adviser, SBI.