Here’s how can fuel prices be further cut? Nitin Gadkari’s suggestion

New Delhi: Union minister Nitin Gadkari, who is known for his innovative and out-of-the-box ideas, said on Thursday that if petrol, diesel and other petroleum products are brought under a single, nationwide GST regime, then the taxes will be reduced.

The senior BJP leader also said that Finance Minister Nirmala Sitharaman will definitely try to bring petrol and diesel under GST if she gets the support of the state governments.

“In the GST Council, the finance ministers of the states are also members. Some states are against bringing petrol and diesel under the GST regime. If petrol and diesel will be brought under the GST regime, the tax on these products will be reduced and revenue The revenue of the state will increase both at the Center and the states,” the minister said as per the news agency report.

To recall, the GST Council discussed the issue raised by the Kerala High Court and decided against bringing petrol and diesel under GST. According to reports, opposing the proposal, the council decided to keep petrol, diesel out of the purview of GST.

The inclusion of petrol and diesel under GST will result in reduction of almost record-high rates. But subsuming the existing excise duty and VAT (value added tax) into one national rate will impact revenue.

Commenting on the recent excise duty cut, Nitish Gadkari further said, “The way the Center has provided relief to the common man (by cutting excise duty on petrol and diesel by 5 and 10 per liter respectively), it is expected that That the state will do. Also cut taxes (VAT rates) on diesel and petrol to give relief to the common man.”

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