Key Points:
- On Sunday, the Chief Economic Advisor K V Subramanian was seen supporting the proposal that mentions of bringing in petroleum products under the umbrella of the Goods and Services Tax (GST).
- “It will be a good move, but the decision rests with the GST Council,” Subramanian said during a recent interaction with Federation of Indian Chamber of Commerce & Industry (FICCI) FLO members.
On Sunday, the Chief Economic Advisor K V Subramanian was seen supporting the proposal that mentions of bringing in petroleum products under the umbrella of the Goods and Services Tax (GST). But Subramanian also said that final the decision will have to be taken by the GST council.
“It will be a good move, but the decision rests with the GST Council,” Subramanian said during a recent interaction with Federation of Indian Chamber of Commerce & Industry (FICCI) FLO members. The Union Minister of Petroleum, Natural Gas and Steel Dharmendra Pradhan had also urged Union Finance Minister Nirmala Sitharaman to bring petroleum products under the ambit of the GST. Continuous rise in fuel prices has troubled the common man and has now, also become a political issue in states where assembly elections are due.
Subramanian also said inflationary pressures are mostly on account of “food inflation”.
Krishnamurthy Venkata Subramanian (born May 5, 1971) is an Indian economist and the current Chief Economic Adviser to the Government of India (CEA), officially being appointed to the position on 7 December 2018.
Fuel prices remained unchanged on Sunday. In the national capital, petrol was priced at ₹91.17 per litre, same as on Saturday.
Similarly, in Mumbai, Chennai and Kolkata, the fuel was sold for ₹97.57, ₹93.11 and ₹91.35 a litre respectively.
Prime Minister Narendra Modi had also mentioned about bringing Petroleum under GST. “We have plans to spend Rs 7.5 lakh crore in creating oil and gas infrastructure over five years. A strong emphasis has been laid on the expansion of the city gas distribution network by covering 470 districts. About 65.2 million tonnes of petroleum products have been exported. This number is expected to rise even further. Our companies have ventured overseas in the acquisition of quality oil and gas assets,” PM Modi had said.
“We are committed to bringing natural gas under the GST regime. I want to tell the world to come and invest in India’s energy sector,” PM Modi said a week back.
