PATNA: Bihar Deputy Chief Minister Sushil Kumar Modi on Saturday asserted that bringing petroleum products beneath the ambit of Goods and Services Tax (GST) won't have a lot have an effect on in decreasing its costs.
"It is a big misconception (among the people) that price of petroleum products will be reduced significantly if they are brought under GST ambit. Instead, the move will have minor impact in terms of reducing prices of petroleum products," Sushil Modi, who additionally heads the GST Network panel, advised journalists.
"Under the GST regime, there is a practice across the world which empowers states to impose tax over and above the highest GST tax rate. This has been the practice followed everywhere in the world where GST has been implemented," Sushil Modi stated.
He used to be chatting with reporter right here after reviewing the 64th quarterly State Level Bankers Committee (SLBC) meeting.
Sushil Modi, who is also Bihar's Finance Minister, used to be replying to a query whether or not the federal government is considering bringing petroleum products beneath the GST regime.
He stated that the problem of whether or not or not to include petroleum products beneath GST will be decided by the GST Council.
"There is unanimity in the GST Council that petroleum products will not be brought under GST regime until it (the new GST regime) stabilises," Sushil Modi stated.
"It is a big misconception (among the people) that price of petroleum products will be reduced significantly if they are brought under GST ambit. Instead, the move will have minor impact in terms of reducing prices of petroleum products," Sushil Modi, who additionally heads the GST Network panel, advised journalists.
"Under the GST regime, there is a practice across the world which empowers states to impose tax over and above the highest GST tax rate. This has been the practice followed everywhere in the world where GST has been implemented," Sushil Modi stated.
He used to be chatting with reporter right here after reviewing the 64th quarterly State Level Bankers Committee (SLBC) meeting.
Sushil Modi, who is also Bihar's Finance Minister, used to be replying to a query whether or not the federal government is considering bringing petroleum products beneath the GST regime.
He stated that the problem of whether or not or not to include petroleum products beneath GST will be decided by the GST Council.
"There is unanimity in the GST Council that petroleum products will not be brought under GST regime until it (the new GST regime) stabilises," Sushil Modi stated.
'Bringing petro products under GST won't impact prices much'
!['Bringing petro products under GST won't impact prices much']()
Reviewed by Kailash
on
May 26, 2018
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