'Petro products under GST if revenue collections at 1 lakh cr'
Bihar Deputy Chief Minister Sushil Kumar Modi today said that commodities like petrol and diesel may be considered for bringing under the ambit of the GST, once the revenue collections stabilise beyond Rs 1 lakh crore per month.
"I think that the time has not come (to consider the inclusion of petrol and diesel under GST purview). It will take time.
"When revenue collections stabilise at least at Rs 1 lakh crore per month, then the GST Council may consider as to when and how commodities like petrol and diesel be included under the ambit of GST," he said, speaking on the occasion of the completion of one year of GST roll out.
Sushil Modi, who also heads the GST Network Panel, said the price of petroleum products may not come down, even if they are brought under its ambit, as states will have the power to impose tax (top up) beyond the highest GST rate of 28 per cent.
He exuded confidence that revenue collections under GST would increase in the fiscal 2018-19, with the new return form likely to be in place in the next five-six months, which would further boost collections.
The minister said that the first year of GST was very successful, as people had apprehensions of price rise after the launch of the new indirect tax regime, but that did not happen.
In Bihar, one lakh new and additional dealers, and businessmen have been registered under the GST, said Sushil Modi, also the state's Finance Minister.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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