Union Petroleum and Natural Gas Minister Dharmendra Pradhan has stated that fuel should come under the ambit of the Goods and Services Tax (GST) in order to substantially reduce its prices.
He insisted that crude oil prices have been shooting up globally and mentioned that to be a factor behind the hikes in fuel prices in India.
However, Pradhan laid his belief on the GST council to arrive at a common consensus and collectively decide upon roping fuel under its purview.
“The price of this commodity is regulated by the global market. As a sector in-charge, I am of the opinion that fuel should be brought under the GST,” the Union Minister said during his visit to Gandhinagar in Monday, as reported by the Times of India.
He added, “But, it will be done only when members of the GST Council reach a consensus on it. It is the GST Council which will take a collective decision about it.”
Pradhan mentioned that crude oil prices have surpassed the USD 70 per barrel figure in the international market.
Moreover, India ends up importing 80 per cent of its total oil requirement and the minister claimed that this factor negatively impacts the consumers in the country.
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