Bengaluru: If data provided by website “Factly.in” is be believed, then the prices of petroleum products will fall sharply, if GST on petrol is 18 percent.
Factly.in has analysed the relevant data and said the prices would reduce considerably, if petroleum products are brought under the ambit of Goods and Service Tax (GST), which the union government implemented across the country from July.
Petroleum Minister Dharmendra Pradhan too echoed similar sentiments and said, “The price will be cheaper if petroleum products are brought under the GST regime” and went on to add, “time is appropriate for the GST Council to take action on this.”
From November 2014 to January 2016, the central government has increased the excise duty on fuel by upto nine times.
Projected petrol price with GST
|
City |
Actual |
Projected price @12% GST |
Projected Price @18% GST
|
|
Bengaluru |
71.47 |
38.01
|
40.05
|
