With the inclusion of Petrol and Diesel under the GST, there will be a taxation of 28% and an additional value added tax which makes it obvious that there are no chances of a price reduction of the fuels. Currently the tax imposed on petrol per liter is 19 rupees and 48 paise, while the tax imposed per liter of diesel happens to be 15 rupees and 33 paise. Besides, the state governments have been imposing the VAT as well. Thanks to this taxation, half of the petrol and diesel prices are attributed to the state and central government taxes itself.
As a least tax, only Andaman and Nicobar islands have 6% sales tax. With regards to Petrol, Mumbai has 39.12 % sales tax, and Telangana has 36% sales tax, with tax being 45-50 % of petrol price, and 30-35% of diesel price. While it was earlier misguided that inclusion of petrol and diesel under GST will help reduce prices, it has been revealed that it will actually increase the price of the fuels.
It is based on the price of crude
oil in international market that the rates of fuels are determined, and during
Karnataka elections, there was a pause in price increment, and immediately post
the election result, the prices were raised by more than 4 rupees.
While it was learnt that reducing excise tax will result in loss for the
government to the tune of `13000 crores, now the government is planning to
impose GST on Petrol and Diesel.
Cyclone Alert over west-central Bay of Bengal: IMD Accordingly a cyclone alert has been issued for the northern coastal region of the state of Andhra Pradesh with the Indian Meteorological Department predicting 'very heavy to extremely heavy' rains in the region. Meanwhile the IMD has stated that depression has formed over west-central Bay of Bengal which could intensify into a cyclonic storm.
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