Petrol prices may come down to Rs. 75/litre, Nirmala Sitharaman makes big statement

New Delhi: Union Finance Minister Nirmala Sitharaman has made a big statement saying that the country's economy is moving firmly towards a revival. Asked whether petrol and diesel would be brought under GST, Sitharaman said the Central and state governments had included petrol and diesel at the time of implementation of the GST. Sitharaman said, 'there is a provision in the GST Law that can include petrol and diesel in GST.'

Sitharaman further said, 'When the GST council decides to bring it to a fixed rate and it will also be included after the rate is determined. There will be no new changes in the GST law to include petrol and diesel. But the Council has to decide when and at what rate to bring it." The 45th meeting of the GST Council was held last week. The meeting decided to keep petrol and diesel out of its purview for the time being.

It is said that if petrol and diesel are brought under the purview of GST, the price will be drastically cut. If petroleum products are brought under the purview of GST, petrol prices across the country will fall by Rs 75 and diesel by Rs 68 per litre. However, bringing petroleum products under the purview of GST will reduce revenue to the Centre and states by about Rs 1 lakh crore, equivalent to just 0.4 per cent of the GDP.

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