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Its argued that Both the Centre and States must bite the bullet to cut taxes on petrol and diesel.What are the reasons behind frequent fuel price hike?  Do you think that GST can be a viable solution for this? Justify your arguments.

Recently, we are observing daily hike in fuel prices and are causing concern in common man’s monthly expenditure. GST introduced to subsume indirect taxes & is fine except few items including Petrol & diesel.

Reasons behind frequent fuel hike

  1. Excise duty: Constitutional provision for additional levy of taxes by center and state.
  2. Global price: Changes in oil producing nations induce variation in global price.
  3. Pricing: Prices are controlled by oil companies.
  4. Exchange rate: Rupee dollar exchange rate also impact pricing.
  5. Sanctions on oil purchase from Iran and Venezuela
  6. Political unrest in OPEC nations.

Yes, I think that GST can be viable solution.

Justification:

  1. Fixed & standard tax (28%) brings down fuel price.
  2. Co-ordinated taxation policy.
  3. Allows benefit of fuel price reductions to consumer.
  4. Avoids random hike in excise duty.
  5. Lowering cost of production in companies with petroleum inputs.

Hence in this view, Government must bring petroleum products under GST with proper study & policy about compensation to states.

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