PATNA: Bihar Deputy Chief Minister Sushil Kumar Modi on Saturday asserted that bringing petroleum products under the ambit of Goods and Services Tax (GST) will not have much impact in reducing its prices.
“It is a big misconception (among the people) that price of petroleum products will be reduced significantly if they are brought under GST ambit. Instead, the move will have minor impact in terms of reducing prices of petroleum products,” Sushil Modi, who also heads the GST Network panel, told reporters.
“Under the GST regime, there is a practice across the world which empowers states to impose tax over and above the highest GST tax rate. This has been the practice followed everywhere in the world where GST has been implemented,” Sushil Modi said.
He was speaking to reporter here after reviewing the 64th quarterly State Level Bankers Committee (SLBC) meeting.
Sushil Modi, who is also Bihar’s Finance Minister, was replying to a query whether the government is contemplating bringing petroleum products under the GST regime.