Fuel Prices Will Be Under Control When It Comes Under GST

Fuel Prices will be under control when it comes under GST. A liter of petrol will come for 75 rupees when GST comes under the purview: SBI economists said.

State Bank of India (SBI) economists believe that if petroleum fuels are brought under the purview of GST, the price of petrol in the country may fall to Rs 75 per liter.

But there is no political will for this, due to which the price of petroleum fuels in the country is going towards higher levels around the world. According to SBI economists, India is one of the countries where petrol and diesel have the highest prices.

Experts say that if the price of crude oil is $ 60 per barrel and the exchange value of rupees 73 per dollar, then the price of diesel can fall by Rs 68 per liter.

This will cause the central and state governments to jointly lose only Rs 1 lakh crore in revenue, which is just 0.4 percent of gross domestic product (GDP).

Fuel Prices Will Be Under Control: This estimate has been made on the basis of current estimates of the increase in consumption of petrol and diesel.

Every state currently charges arbitrary duty on petrol and diesel in the consumption of petrol and diesel. Along with this, the excise duty levied by the Center is also applicable to them.

Due to this, the price of petrol has also crossed Rs 100 per liter in some parts of the country. Its full responsibility is being laid on the taxes of the Central and State Governments.

SBI economists believe that the central and state governments do not want to bring petrol and diesel under GST, as it is a major source of their revenue.

Overall, the political will to bring petrochemical products under GST is not visible in the central and state governments.

An increase in manufacturing capacity will increase employment opportunities in the country: Prime Minister Narendra Modi.

Prime Minister Narendra Modi said on Friday that there are examples all over the world where countries have accelerated the development of the country by increasing manufacturing capacity.

He said that the increase in manufacturing capacity leads to an increase in employment generation in the country. He said that the government has taken several steps to promote manufacturing.

PM Modi said in a webinar organized about PLI that there is a need to increase the speed and scale to boost manufacturing.

“We need to work together to bring the cost, quality, and efficiency of production in line with global standards,” he said.