Bring Petrol and Diesel under GST
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As on June 16, 2017, global price for crude oil was 47 USD, which is 3,050 INR.
1 barrel of crude oil = 159 liters.
Thus, crude oil, per liter = 19.18 INR.
Entry Tax, Refinery Processing, Landing Cost and Operational Costs with Margins per liter = 5.65 INR.
Margin, Transportation, Freight Cost per liter = 2.68 INR.
After refining, the basic cost of fuel, per liter = 27.51 INR.
Now, Excise Duty imposed by the Center @ 21.48 per liter – YES, JUST the duty.
Pre-VAT, petroleum dealers buy each liter of petrol at Rs 48.99.
Dealers get a commission of Rs 2.57 per liter.
Tamil Nadu government imposes 34% VAT on this price, bringing petrol costs to Rs 68.02! State governments all over India have VAT in this zone, give or take a few percentages.
In other words, a liter of petrol which ended up costing Rs 27.51 per liter post-refinement becomes Rs 68, once all taxes are added!
NOW, UNDERSTAND?
If they are brought under GST, even assuming a maximum tax percentage of 28%, the prices would DROP BY HALF!
MEANING, RS 35 PER LITER!
Is it not unfair that whatever benefits the common man is excluded, whatever benefits the government is included in the GST?
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Government of India, Indian Prime Minister, Mr Narendra Modi
