Traders’ body writes to Jaitley over fuel prices

A traders’ body with representatives from several sectors across the Capital has written to Union Finance Minister Arun Jaitley demanding that petrol and diesel prices be brought under the ambit of the Goods and Services Tax (GST).

In the light of soaring fuel prices, the Chamber of Trade and Industry (CTI) demanded as to why the Bharatiya Janata Party (BJP) dispensation at the Centre was wont to including all varieties of goods and services under the tax regime except fuel.

Negative impact

“Individuals across the country are being affected by the soaring fuel prices...which are negatively impacting the cost of products of everyday use. The traders of the Capital demand that both excise and VAT be replaced by the GST,” CTI convener Brijesh Goyal said.

If petrol was brought under the ambit of the national tax regime, Mr. Goyal argued, prices could drop by as much as ₹20 per litre.

Similarly, he said, the price of diesel could be brought down by as much as ₹15 per litre if brought under the GST.

Essential commodities

“The step would go a long way in ensuring that the prices of essential commodities remain stable and oil companies are adequately reigned in,” Mr. Goyal added.