Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
Lok Sabha Election: Mamata Banerjee bets on 'Didi No. 1' on Hooghly seat, will compete with BJP's Locket Chatterjee
There will be a tough contest between the two heroines in the Hooghly Lok Sabha seat of West Bengal. On one hand, Bharatiya Janata Party has again fielded the sitting MP from Hooghly, Locket
China to train soldiers from developing countries in the next 5 years to deal with security challenges
China will train soldiers from developing countries in the next 5 years. China has revealed plans that it will train 5,000 security personnel from developing countries over the next five years. The
Russia is going to do a missile drill amidst tension with Ukraine, Vladimir Putin will arrive to see
Russia is going to conduct a missile drill amidst the ongoing tension with Ukraine. Not only this but Russian President Vladimir Putin himself will also come to see this drill. President Vladimir
SRH vs GT: Shubman praised Siraj, and called bowlers game changers; Cummins raised questions on Hyderabad pitch
Gujarat Titans defeated Sunrisers Hyderabad by seven wickets in the 19th match of IPL 2025. After Mohammad Siraj's lethal bowling, Gujarat's team managed to win with the brilliant innings of captain
Finance Ministry: Government can raise Rs 16000 crore through green bonds, which will get final approval soon
The central government may soon issue sovereign green bonds. The Finance Ministry has finalized its framework according to the global standard. Rs 16,000 crore can be raised by issuing green bonds
Pali Sansad Khel Mahakumbh: PM Modi wishes Pali Sansad Khel Mahakumbh, says- Budget of February 1, 2024, dedicated to the youth of the country
Pali MP Khel Mahakumbh is going to be organized at Bangar Stadium in Pali City on Saturday. More than 10 thousand players will take the field in this. On this occasion, Prime Minister Narendra Modi
IND vs NED: Team India's one-sided victory against Netherlands, got tremendous advantage in NRR
IND vs NED: India defeated Netherlands in their second match of the T20 World Cup to register their second consecutive win in the tournament. India beat the Netherlands by 56 runs in a one-sided
DGFT: Ban on export of flour, maida, and semolina without a quality certificate, new rules will be applicable from this day
Amidst the already issued ban on the export of wheat and flour, the central government on Monday announced a ban on the export of maida, semolina, and whole flour. According to the guidelines issued
Donald Trump: After the Paris Agreement, America also leaves the World Health Organization; Trump's big decision after the oath
President Donald Trump signed the order to withdraw the US from the World Health Organization just hours after his swearing-in on Monday. Trump was very aggressive against this organization during the
Cryptocurrency Bill: Most crypto exchanges looking to exit India, know which countries are planning to camp
Several cryptocurrency exchanges, including Zebpay, Unocoin, Coinsecure, BuyUcoin, and BTCX India, are looking to exit India as preparations to introduce cryptocurrency bills in the winter session and
