Strong pressure: Big change likely in petrol prices soon

KOCHI: Pressure is mounting on the central government to include petroleum products in the Goods and Services Tax (GST). The industrial and commercial community is demanding that GST should be imposed on various products like petrol and diesel to control price rise in the country.

The issue is expected to be brought up in the 53rd meeting of the GST Council on June 22. The GST Council meeting is convened after a gap of eight months following elections. This is the first meeting since the new government took office.

It is assessed that Finance Minister Nirmala Sitharaman will take the initiative to bring sectors like petroleum products, alcohol, real estate and electricity under the purview of goods and services tax. Steps will also be taken to resolve the concerns of various state governments opposing views in this regard.

The 28 percent GST imposed on online gaming companies may also be reviewed in the meeting. Online gaming, casinos and horse racing were taxed at 28 per cent by the council in July last year.

CII wants GST for petroleum products
Confederation of Indian Industry (CII) President Sanjeev Puri said that sectors like petroleum products, realty and electricity should be included in GST.

GST rates may be unified
The Council will this time also consider the proposal to realistically unify the GST rates. A panel headed by Uttar Pradesh Finance Minister Suresh Khanna has been asked to propose changes in rates.