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17 January 2018
 |
| Petrol price (The Total Investment & Insurance Solutions) |
An
important Goods and Services Tax (GST) Council meet ahead of the Union Budget
is scheduled on Thursday (January 18). It is widely expected that the soaring petrol prices may remain key issue of discussion at the GST Council meeting led
by finance minister Arun Jaitley.
The
Council in all likelihood may try to reach to a conclusion on this, however a
serious decision on this will depend on the willingness of the states to cut
down on the VAT. The
Total Investment & Insurance Solutions
Last
week, Oil Minister Dharmendra Pradhan had responded to questions on whether the
Centre would cut excise duty on the two fuel, by asking states to first cut
VAT. The Total
Investment & Insurance Solutions
Two
the most traded benchmark crude globally have risen the most since December
2014 - Brent touched USD 70.05 a barrel last week and WTI reached USD 64.77. The Total Investment & Insurance
Solutions
The rally in oil prices has renewed calls to the government to
cut excise duty to cushion burden on common man. The Total Investment & Insurance
Solutions
The
BJP-led NDA government has during its tenure cut excise duty only once - by Rs
2 per litre in October 2017 when petrol price had reached Rs 70.88 per litre in
Delhi and diesel was priced at Rs 59.14.
Because
of the excise duty cut, diesel prices had on October 4, 2017 come down to Rs
56.89 and petrol to Rs 68.38. However, subsequent rally has wiped away all the
gains and prices have touched new highs.
Petrol
prices were hiked by 12 paise and diesel prices were raised by 18 paise per
litre today. The
Total Investment & Insurance Solutions
Diesel
prices today touched a record high of Rs 62.06 per litre and petrol prices have
crossed Rs 71 as international oil rates continue to rally.
Petrol
price rose to Rs 71. 39 per litre in Delhi today, the highest since August
2014, according to daily fuel price list of state-owned oil firms.
The
GST Council is also likely to give nod to rationalisation of rates on over
60-70 items. Sources have said that the Council may also deliberate on whether
or not real estate should be brought under the ambit of the taxation scheme.The Total Investment & Insurance
Solutions
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