New Delhi: Due to inflation of petrol and diesel, the pocket of common people is getting lighter. Petrol has crossed the Rs 100 per liter level in many places of the country. In such a situation, it is being suggested to bring it under the purview of GST (Goods and Services Tax) to reduce its price, but it is a major source of revenue for the Center and the states, due to which governments will bring it under the purview of GST. She is hesitant.
However, according to a report by the Economic Research Department of SBI, if the petroleum products are brought under the GST, then the revenue to the Center and states will be reduced by a mere 0.4 per cent of GDP by about 1 lakh crore. If petroleum products are brought under the purview of GST, then petrol prices across the country will go up to Rs 75 and diesel to Rs 68 per liter. This report has been prepared by Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor of SBI.
SBI’s research team has presented an assessment to reduce the prices of petrol and diesel. SBI has refunded this to the government and has said that this can increase the price of petrol by Rs 75 per liter and diesel by Rs 68 per liter. Apart from this, the SBI report has estimated that in the next financial year, the consumption of petrol may increase by 10 per cent on an annual basis and diesel consumption by 15 per cent.
