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For those hoping petrol and diesel would be included in the Goods and Services Tax (GST) ambit, you might have to wait much longer. According to a PTI report, neither the central government nor state governments are in favour of this move, citing that it could lead to a major revenue loss.
Petro-products such as petrol, diesel, natural gas, crude oil and aviation turbine fuel (ATF) were excluded from the GST regime. The Union Finance Ministry brought up the issue at the GST council meeting on August 4, but central and state governments were opposed to the idea.
The central government’s input tax credit reduces by close to Rs 20,000 crore, which it receives in the form of all the taxes levied on petro-products.