Petrol & Diesel also to be included in GST.
GST implementation is the important milestone in the taxation regime and it will bring all wellness and happiness in the long run if not in the near future. One among the main tenets of the GST is “one nation one taxation” and when this is the policy frame, why to exclude petrol & liquor from the GST ambit?.The aspired reason is that it is done to mitigate states from the immediate revenue losses. It is not a holistic sound reasoning. When the country is visualizing uniformity in tune with the policy of “one nation one taxation” how come relaxation in favour of states? Due to the relaxation, the people are not reaping the full benefits of GST. In the words of FM the GST is the panacea but relaxation is vitiating the passage of benefits of GST through it’s mechanism.
Example – w.e.f 16.6.2017 onwards the petrol diesel prices are fixed daily basis based on simple market condition – crude oil price. As on 16.6.2017 the per barrel (159 Lts) crude price is $ 47 = Rs.3050 means Rs.19.18 per litre.
(i) After adding up of expenses on basic refinery process, freight, duty on petroleum product and with basic minimum profit margin, the price of petrol was at Rs.27.51 and the price of diesel at Rs.27.48.
(ii) Then after adding up of the central excise duty of Rs. 21.48 for petrol and Rs.17.38 for diesel the price fixation is Rs.48.99 and Rs.44.81 for petrol and diesel respectively.
(iii) After adding up of the dealer commission of Rs.2.57 and Rs.1.65 for petrol and diesel respectively , the price is fixed at Rs.51.56 and Rs 46.46 for petrol and diesel respectively.
(iv) Finally after adding up of VAT and other cess , the market price of petrol is Rs.65.48 and the price of diesel is Rs.54.49
Thus the petrol with actual price of Rs.27.51 is sold at Rs.65.48 after inflating 138% of various tax and cess. Similarly the diesel with actual price of Rs.27.48 is sold at Rs.54.49 after inflating 98.83% of various taxes and cesses.
But as per the tenets of newly implemented GST, the prices of commodities right from rice to edible oil are to be reduced.
In the version of pet. min. Darmendra Pradhan (march 2017) all petroleum products are there in GST.
The advocacy and clear cut reason of exempting states from GST in petrol and diesel in order to save them from revenue loss - in the words of Venkaiah Naidu is against the principles of GSTA. The demarcation and separation of powers between center and states are no more valid vis-a- vis one India, one law and one taxation. Most of the functions of States are redundant, waste of money, superfluous and unnecessary in view of the robust facility of information technology thus the entire nation is monitored by sitting at one place be it Delhi or any place but not by many redundant power centres. If it is needed bring suitable amendment in the constitution which is simple and easy since it is not a matter of FR.
The tall claim of the Govt. that “New India has born due to implementation of GST” is marred by barring GST for petrol and diesel. The GOI and GST council has to eradicate this ultra- virus by review of this aspect in order to pass on the benefits of GST through petrol / diesel prices.
As per the GST formula even after adding up of the utmost tax rate of 28% the per litre price of petrol can be around Rs.35.21 and Rs.35.17 for diesel which will be less than 53.83% of the existing prices of both petrol and diesel.
Both PM and FM has to peep in to the matter as it is an important matter to prove before the people of India that the present Govt. is delivering goods and services in right perspective in terms GST policy. The petrol / diesel price is having spiraling effect in controlling price of all goods and services as it is chain linked each other. This will bring a good change – pleasure - in the Indian scenario. S.Krishnamurthy - Local Circle member 255688 nnfd - 8122718839 – 27dayabari72@gmail.com more
GST implementation is the important milestone in the taxation regime and it will bring all wellness and happiness in the long run if not in the near future. One among the main tenets of the GST is “one nation one taxation” and when this is the policy frame, why to exclude petrol & liquor from the GST ambit?.The aspired reason is that it is done to mitigate states from the immediate revenue losses. It is not a holistic sound reasoning. When the country is visualizing uniformity in tune with the policy of “one nation one taxation” how come relaxation in favour of states? Due to the relaxation, the people are not reaping the full benefits of GST. In the words of FM the GST is the panacea but relaxation is vitiating the passage of benefits of GST through it’s mechanism.
Example – w.e.f 16.6.2017 onwards the petrol diesel prices are fixed daily basis based on simple market condition – crude oil price. As on 16.6.2017 the per barrel (159 Lts) crude price is $ 47 = Rs.3050 means Rs.19.18 per litre.
(i) After adding up of expenses on basic refinery process, freight, duty on petroleum product and with basic minimum profit margin, the price of petrol was at Rs.27.51 and the price of diesel at Rs.27.48.
(ii) Then after adding up of the central excise duty of Rs. 21.48 for petrol and Rs.17.38 for diesel the price fixation is Rs.48.99 and Rs.44.81 for petrol and diesel respectively.
(iii) After adding up of the dealer commission of Rs.2.57 and Rs.1.65 for petrol and diesel respectively , the price is fixed at Rs.51.56 and Rs 46.46 for petrol and diesel respectively.
(iv) Finally after adding up of VAT and other cess , the market price of petrol is Rs.65.48 and the price of diesel is Rs.54.49
Thus the petrol with actual price of Rs.27.51 is sold at Rs.65.48 after inflating 138% of various tax and cess. Similarly the diesel with actual price of Rs.27.48 is sold at Rs.54.49 after inflating 98.83% of various taxes and cesses.
But as per the tenets of newly implemented GST, the prices of commodities right from rice to edible oil are to be reduced.
In the version of pet. min. Darmendra Pradhan (march 2017) all petroleum products are there in GST.
The advocacy and clear cut reason of exempting states from GST in petrol and diesel in order to save them from revenue loss - in the words of Venkaiah Naidu is against the principles of GSTA. The demarcation and separation of powers between center and states are no more valid vis-a- vis one India, one law and one taxation. Most of the functions of States are redundant, waste of money, superfluous and unnecessary in view of the robust facility of information technology thus the entire nation is monitored by sitting at one place be it Delhi or any place but not by many redundant power centres. If it is needed bring suitable amendment in the constitution which is simple and easy since it is not a matter of FR.
The tall claim of the Govt. that “New India has born due to implementation of GST” is marred by barring GST for petrol and diesel. The GOI and GST council has to eradicate this ultra- virus by review of this aspect in order to pass on the benefits of GST through petrol / diesel prices.
As per the GST formula even after adding up of the utmost tax rate of 28% the per litre price of petrol can be around Rs.35.21 and Rs.35.17 for diesel which will be less than 53.83% of the existing prices of both petrol and diesel.
Both PM and FM has to peep in to the matter as it is an important matter to prove before the people of India that the present Govt. is delivering goods and services in right perspective in terms GST policy. The petrol / diesel price is having spiraling effect in controlling price of all goods and services as it is chain linked each other. This will bring a good change – pleasure - in the Indian scenario. S.Krishnamurthy - Local Circle member 255688 nnfd - 8122718839 – 27dayabari72@gmail.com more
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Al petroleum products including Diesel and Petrol should also be included in GST regime. more
Jul 24
