View: How Modi government can tame the skyrocketing fuel prices

View: How Modi government can tame the skyrocketing fuel prices

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For better central-state relations, GoI would do well by recognising the need for a long-term solution and acting swiftly.

Synopsis

Despite the bold indirect tax reform of 2017, no consensus has been reached yet on including petrol and diesel within the goods and services tax’s (GST) ambit. Until fuel is included in GST, it will continue to suffer from double taxation, leading to a burden on consumers and the wider economy.

The recent conundrum of exorbitant domestic petroleum prices, even as crude remains soft by historical standards, has much to do with the high excise duties and value-added tax (VAT) imposed by GoI and state governments.

Despite the bold indirect tax reform of 2017, no consensus has been reached yet on including petrol and diesel within the goods and services tax’s (GST) ambit. Until fuel is included in GST, it will continue to suffer from

BY

Sarthak Agrawal

ET CONTRIBUTORS

6 mins read, Last Updated:

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