Council may bring petrol under GST in future: Sushil Modi

 

New Delhi, Dec 15: All powerful GST Council will consider bringing electricity, petroleum products and some other items under the ambit of GST in future, Bihar Finance Minister Sushil Modi said in New Delhi.

"Electricity, real estate, stamp duty and petroleum products should become part of GST (Goods and Services Tax). This would be our (GST Council) endeavour," he said at the annual meet of industry chamber FICCI.

He, however, said it would be difficult to specify any timeline for this to happen.

Inclusion of these can happen without amending the Constitution, he said.

If petroleum products are brought under the GST regime, he said, it will attract the highest tax slab prevalent at that time and states would be at liberty to levy cess on it in order to protect their revenues.

Both states and the Centre earn 40 per cent of their revenue from petroleum products at present.

Modi also hinted at the reduction of tax slabs going forward after tax collection stabilises.

The current GST regime has five tax slabs. 

 PTI