The prices of petrol and diesel are skyrocketing in the country. There has been a demand to bring petrol and diesel products under GST. Many professionals argued that if petrol and diesel prices are brought under GST then prices will reduce.
However, BJP MP and former Bihar Finance Minister Sushil Kumar Modi made key remarks in this regard. Speaking on the finance bill, he announced in the Rajya Sabha that petrol and diesel were unlikely to include in GST for the next ten years.
The central government and the states together generate about Rs 5 lakh crore revenue from taxes on petrol and diesel. The share of the states is around Rs 2 lakh crore. With elections in five states, there is widespread speculation that petrol and diesel prices will fall.
