Fuels To Be Under GST If Revenue Collections At Rs 1 Lakh Crore: Sushil Modi
Bihar Deputy Chief Minister Sushil Kumar Modi has said that commodities such as petrol and diesel may be considered for bringing under the ambit of the GST, once the revenue collections stabilise beyond Rs 1 lakh crore per month.
“I think that the time has not come (to consider the inclusion of petrol and diesel under the GST purview). It will take time,” he said yesterday on the occasion of the Good and Service Tax implementation completing one year.
Sushil Kumar Modi, who also heads the Goods and Service Tax Network panel, said the price of petroleum products may not come down, even if they are brought under its ambit, as states will have the power to impose tax (top up) beyond the highest GST rate of 28 percent.
He exuded confidence that revenue collections under the GST would increase in the fiscal 2018-19, with the new return form likely to be in place in the next five to six months, which would further boost collections.
The minister said that the first year of the GST was very successful, as people had apprehensions of price rise after the launch of the new indirect tax regime, but that did not happen.
In Bihar, one lakh new and additional dealers, and businessmen have been registered under the GST, said Sushil Modi, also the state's Finance Minister.