Inflation will be less, tax will decrease… Petrol-diesel will be cheaper, FM also said this!

After the retail inflation rate is more than 6 percent in January 2023, there is news that the central government can reduce the tax on petrol and diesel. Meanwhile, Finance Minister Nirmala Sitharaman has also said that petroleum products will be brought under the ambit of GST if the states agree. GST Council meeting to be held on Saturday

Retail inflation in the country is increasing like 'Sursa's mouth'. In January 2023, it has been at the rate of 6.52 percent, which is more than the maximum limit of 6 percent of the Reserve Bank of India. In such a situation, there is news that the central government may soon reduce the tax rate on petrol and diesel, so that inflation can be controlled. Meanwhile, Finance Minister Nirmala Sitharaman hinted at an industrial organization program that if the states agree, the government will bring petroleum products under the ambit of GST. His statement has come just before the GST Council meeting to be held on Saturday.

Finance Minister Nirmala Sitharaman was addressing the members of industry organization PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday . During this, when he was asked about bringing petroleum products under the purview of GST, he said that if there is an agreement between the states, then steps can be taken in this direction. Along with this, he said that his government is encouraging the states to improve in different sectors including electricity. At the same time, they are being encouraged to implement the 'one country, one ration card' system.

Tax will decrease… Petrol-diesel will be cheaper

The government is expected to reduce the tax on petrol-diesel and other fuels amidst the high level of inflation in the country. ET has reported quoting Reuters that the government may reduce tax rates on maize and fuel to keep retail inflation under control.

Sources having information in this regard say that the government will decide in March to reduce the tax on petrol and diesel. By then the retail inflation data for February will also come.

The retail inflation rate in January 2023 has been 6.52 percent. It was 5.72 percent in December last year. Not only this, sources say that the effect of inflation will remain on the prices of food items. The prices of milk, maize and soybean oil may remain high. The government is reducing the tax rate on commodities like maize, while the tax on fuel can be reduced again.