Bihar Chief Minister Nitish Kumar Friday said that the state was looking forward to reducing taxes on petroleum products, following the Centre's decision to slash excise duty on the same a day earlier.
Retail inflation for industrial workers rose to 5.61 per cent in August from 2.52 per cent in the year-ago month mainly due to rise in prices of food items and petroleum products.
Calling the hike in prices of petroleum products a "momentary difficulty" due to the international crisis, the BJP on Monday condemned incidents of violence during the Bharat Bandh.
The Centre and the industry favour inclusion of petroleum products in the Goods and Services Tax (GST) but the GST Council will take a final call on it, Oil Minister Dharmendra Pradhan said.
The petroleum products are "constitutionally included" under the Goods and Services Tax (GST) but it is the GST Council which includes Finance Ministers of all states that would decide when petrol, diesel etc can be brought under its regime, parliament was told.
Finance Secretary Hasmukh Adhia today said the all powerful GST Council will consider bringing petroleum products under Goods and Services Tax (GST) and it could happen in phases.
The GST Council could consider bringing natural gas within the purview of Goods and Services Tax in its next meeting, an official said.
Union oil minister Dharmendra Pradhan today voiced optimism that petroleum products will be brought under the GST purview that will help in checking volatility in fuel prices.
Pradhan stressed on bringing petroleum products under the GST to provide relief to common people from spurt in fuel prices following surging global crude oil rates.
The CPIM-led LDF govt in Kerala made it clear that it could not waive the additional sales tax revenue generated on account of increase in excise duty for petro products.