New Delhi: A Central government panel on goods and services tax is considering to tax petroleum products under a single national rate, a media report suggested on Tuesday. The report stated that the move from the Centre is likely to open door for a potential major change in consumer prices and government revenue.
As per a report by The Mint, the panel is being headed by Finance Minister Nirmala Sitharaman and it will examine the proposal at its meeting on Friday after a court asked for the matter to be taken up.
The report also added that any change made to the GST system would require approval by three-fourths of the panel, which includes representatives from all states and territories.
The GST panel which will meet on Friday also plans to consider extending concessions on some drugs used in Covid-19 treatment for another three months until December 31. The government may present options on compensating states for their GST losses beyond next year.
In the meeting, the GSR panel would probably look at increasing GST to 12% on some renewable equipments and to 18% on iron, copper and other metal ores and concentrates, CNBC-TV18 reported.
On the other hand, it must be noted that the fuel prices in the country have maintained stability amidst volatility in global oil prices over rise in demand and concerns on production.
The oil marketing companies (OMCs) on Tuesday kept pump prices of petrol and diesel unchanged, marking ninth consecutive day of no revision, and decided to wait and watch the global oil situation before making further changes.
In Mumbai, the petrol price is stable at Rs 107.26 per litre, while the diesel rate also remain unchanged at Rs 96.19 a litre.
Across the country as well, petrol and diesel prices remained static on Tuesday but their retail rates varied depending on the level of local taxes in a particular state.
Fuel consumers can expect fuel prices to remain unchanged or get some relief by way of cut in days ahead as global oil is expected to remain soft.
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