Bring petrol and diesel comes under the Goods and Services Tax regime is not possible for the next 10 years, veteran Bharatiya Janata Party leader Sushil Kumar modi said on Wednesday. While speaking in the Parliament, Sushil Modi asked, “Continuously the issue of putting petrol and diesel in GST regime is being raked up. I have been associated with the GST for a long time, I want to know from the House, that if petrol and diesel are put under the GST regime, who will compensate for the loss of revenue of over Rs.2 lakh crores to states.
And He said, “I want to tell this House that it is not possible to put petrol and diesel under the GST in the next eight to 10 years as no state is ready to loss Rs.2 lakh crores revenue, be it the Congress or any other government,” he further mentioned.
The Petroleum products brought under the GST 28% tax collecting is accurate calculate percentage. But now 60% tax is being collected on petroleum products. This would result in shortfall to the both the Centre and States.