Petrol, diesel prices to be included under GST? Cash transaction limit to be increased? MoS Finance Pankaj Chaudhary RESPONDS

There is no proposal to bring petrol and diesel under the ambit of Goods and Services Tax (GST) has been made so far, said Minister of State (MoS), Finance, Pankaj Chaudhary. The minister made the statement in a communication released by the Ministry of Finance on Monday.   

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"The council may consider the issue of inclusion of petrol and diesel at a time it considers appropriate keeping in view all the relevant factors, including revenue implications. No such Proposal to bring petrol and diesel under GST has been discussed in the GST Council. As regards with the LPG, the same is already under GST," Chaudhary 

Minister of State (MoS), Finance, also gave the breakup of duties imposed on unbranded and branded petrol and diesel 
(a): Central excise duty, including cesses, of Rs. 32.90 per litre (unbranded) and Rs. 34.10 per litre (branded); 
(b): Central excise duty, including cesses, of Rs. 31.80 per litre (unbranded) and Rs. 34.20 per litre (branded); 
(c): Central excise duty, including cesses, of Rs. 17.46 per litre (unbranded) and Rs. 18.64 per litre (branded); 
(d): Central excise duty, including cesses, of Rs. 10.26 per litre (unbranded)and Rs. 12.62 per litre (branded). 

Cash Transaction Limit to Remain Same 

Replying to another query about increasing the cash transaction limit, the minister denied any such plan and said the government intended to make the country less cash dependent. "It is the stated policy of the Government to discourage cash transactions and move towards less cash economy. Hence, there is no proposal to increase the limit of cash transaction permissible under various provisions of the Income Tax Act 1961," said the minister in the official communication.