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Bring petrol, diesel under GST to ease inflationary burden: PHDCCI
Retail price of petrol and diesel has been increased by Rs 3.2 per litre in the last five days. Prices are set to be raised further given the sharp jump in crude oil prices in the international markets. It will have a cascading impact on the prices of other items and lead to inflationary pressure and hurt growth.
It is high time that petroleum products including petrol, diesel and aviation turbine fuel (ATF) are brought under the single nationwide Goods and Services Tax (GST) regime.”Bringing petroleum products under GST will help a lot. It is good for everyone. It is good for the economy,” Pradeep Multani, President, PHD Chamber of Commerce and Industry, told ANI in an interview.
He noted that the hike in the prices of petroleum products like petrol and diesel have a huge cascading effect on a number of sectors, ultimately impacting the common people, especially the poor, the most.”
Bringing petroleum products in GST will minimise the cascading effect. Companies can avail of the input tax credit. Ultimately the prices will come down,” said Multani, who is also the chairman of Multani Pharmaceuticals Limited. The 45th meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman, in September last year, discussed the issue of bringing petroleum products under the GST. However, the Council decided to continue keeping the petroleum products out of the GST purview.
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