Petrol and diesel prices have come under stress once again with Donald Trump imposing sanctions on Venezuela and Iran. This has become a serious concern for consumers in India as the country imports 80 per cent of it crude oil requirements.
However, there may be some respite for consumers from high fuel prices if the government decides to bring petrol and diesel under GST, even as it means that an entirely new tax structure might be needed with as much as 85% GST rate.
The issue of inclusion of petrol and diesel under the Goods and Services Tax (GST) has been in the public domain since even before the implementation of the GST. Although the move has not been made yet due to lack of consensus between centre and states on revenue sharing, some experts feel the issue should we resolved soon as it may benefit both industry and consumers.