Nirmala Sitharaman clarified this confusion regarding bringing petrol and diesel under the ambit of GST, this work can be done anytime
Union Finance Minister Nirmala Sitharaman said on Friday that the country's economy is firmly on the path of revival. When asked whether petrol and diesel would be brought under GST, Sitharaman said that at the time of implementation of GST, both the central and state governments had included petrol and diesel in it. "There is a provision in the GST Act by which petrol and diesel can be subsumed in GST," he said.
The Finance Minister said, 'When (GST) Council will decide whether to bring it to a fixed rate and after fixing the rate, it will also be included. No new amendment will have to be made in the GST law to include petrol and diesel. But the council has to decide when and at what rate to bring it up." The 45th meeting of the GST Council was held last week. In this meeting, it was decided to keep petrol and diesel out of its purview for the time being.
Petrol to become cheaper by more than Rs 25
It is believed that if petrol and diesel are brought under the purview of GST, then its price will be drastically cut. If petroleum products are brought under the ambit of GST, then the price of petrol across the country will reach Rs 75 and diesel will reach Rs 68 per liter. However, bringing petroleum products under the purview of GST will reduce the revenue to the Center and the states by about Rs 1 lakh crore, equivalent to just 0.4 per cent of GDP.
Government committed to double the income of farmers
Sitharaman further said that the government is committed to doubling the income of farmers. Earlier in his opening address, the Finance Minister said that the current government has a consistent principle in the conduct of economic activities and that principle is "Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas".
More than 40 crore bank accounts have been opened
On the challenges arising out of the Kovid epidemic, he said that industries have also changed their way of working. Referring to the Jan Dhan Yojana, he said that today more than 80 crore people are benefiting from it and more than 40 crore bank accounts have been opened.
Retail and retail investors are showing a lot of interest
Regarding the historic rally in the stock market, Sitharaman said that the market has its own understanding of how it deals with companies. He said that there is transparency in the listing process and related regulations of companies. The Finance Minister said, "Today retail and small investors are showing interest and investing in the stock market. Earlier, retail investors used to invest through mutual funds.
Along with mutual funds, direct investment is also happening in the market
"Now they are not only investing in the market through mutual funds, but are also going (investing) directly in the stock market through demat accounts. That is why, today interest in the stock market has increased, more investment is happening and more retail investments are happening. Whatever is happening, it is happening in a transparent manner." Sitharaman said, "As a result of this, confidence in the Indian stock market is increasing."