Economy

With consecutive hikes, petrol crosses Rs 90-mark in Maharashtras Parbhani

With consecutive hikes, petrol crosses Rs 90-mark in Maharashtras Parbhani

He had earlier criticised the Modi government on continues fuel price hike by saying that soon petrol and diesel would be sold at a whopping Rs 100 per litre and the Rupee will further fall to Rs 100 against USA dollar. Diesel prices per litre were at Rs 72.83 in Delhi, Rs 75.68 in Kolkata, Rs 77.32 in Mumbai and Rs 76.98 in Chennai. While Rajasthan on Sunday announced a 4 per cent cut in VAT on petrol and diesel, Andhra Pradesh Monday said fuel prices will be reduced by Rs 2 each from cut in sales tax.

These comments from government officials came on a day when Opposition parties held nationwide protests against the surge in fuel prices. First, base for calculating sales goes up which means higher collection and second, States also get 42 per cent of what the Centre earns.

"Bringing oil in GST is not a solution. 2008-2014, it was static", he said.

Over the next five to six years, the target should be to increase non-oil tax to GDP ratio by at least 1.5 per cent and this is the long-term solution, he said. He explained that once tax revenue from direct taxes (income tax) and non-oil indirect taxes go up, there will be a possibility of cutting taxes on oil. Of this, 50 per cent is non-oil and 50 per cent is oil. "It would remove a lot of discrepancies that happen when different states have different rates", said an oil industry official.

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In countries which are tax compliant, oil is taxed at a rate which is less than that in India. Revenue foregone on account of corporate tax incentives have totalled over Rs 85,000 crore per year in the last two financial years, as per the receipts budget 2018-19.

The petitioner also alleged that the oil companies had stopped increasing the prices when the Karnataka election campaign was going on. Petrol prices in Maharashtra's Parbhani breached the Rs 90-mark with Tuesday's hike and touched Rs 90.11 per litre, IANS reported.

Value-Added Tax paid by consumers on final retail price is the highest for petrol in Mumbai at 39.12 percent and for diesel in Telangana at 26 percent.

The petitioner has sought a directive to the Central government to fix the "fair price" of petrol and diesel in accordance with the Essential Commodities Act.


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