Petroleum products will be subject to GST?

Wednesday, Finance Minister Nirmala Sitharaman warned that petroleum goods may soon be subject to GST. The comments were made only a few months after Petroleum and Natural Gas Minister Hardeep Singh Puri stated that the central government was prepared to include gasoline and diesel in the GST.

It might be accomplished if there was an agreement among the states, Sitharaman said on Wednesday during a post-Budget interactive session with the members of the industry organisation PHDCCI.

This statement is similar to what Puri said in November 2022, when he said that if the states agreed, the Central government had been “ready all along.” But the government hasn’t said anything about how such a decision would be carried out.

“They benefit financially from this. Why would someone who is making money leave it? Energy and alcohol are two sources of income. The only entity concerned about inflation and other issues is the central government, according to Puri.

Sitharaman said on Wednesday that the government had worked to increase public spending over the years to help growth. She also said that the states were being pushed to make changes in a number of areas, such as power, and to put the “one nation, one ration card” plan into action

“Public capital expenditure has been a focal point over the last three to four years. We have maintained this in this budget as well… capital outlay is a clear area of emphasis “…she explained.

Sitharaman announced that the government’s capital expenditure has been boosted by 33% in the 2023-24 budget, reaching a total of 10 lakh crore.

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