Demand for bringing petroleum products under GST

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New Delhi: The Chamber of Commerce and Industry, PhD, has made other recommendations to the government, including setting up a price control system to bring oil prices under control and bringing petroleum products under the Goods and Services Tax (GST).

The PhD Chamber said in a statement that the rise in oil prices has created a problem as it is likely to have a wider impact on the prices of other essential commodities as well. Sanjay Agarwal, chairman of the industry body, said it was important for the government to look into the rising prices of gas, petrol and diesel.

The rise in fuel prices is the result of rising international prices and the high domestic tax structure imposed by both the central and state governments. The retail price of vehicle fuel based on global prices cannot be completely ruled out. There should be a prudent mechanism for controlling prices, agreed and controlled by both the Central and State Governments.

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