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Finance Minister Nirmala Sitharaman Before the next meeting of the GST Council, the government has put the ball in the court of the states to make petrol and diesel cheaper. Finance Minister Nirmala Sitharaman on Wednesday said petroleum products can be brought under the Goods and Services Tax (GST) if states agree. He also said that for the last few years, the government’s effort has been to increase public expenditure with the intention of promoting economic growth. In a post-budget meeting with members of industry body PHD Chamber of Commerce and Industry (PHDCCI), the Finance Minister said, the provision is already available to bring petroleum products under the ambit of GST. My predecessor has kept the option open in this regard.
These five products are out of GST
Five petroleum products, crude oil, petrol, high speed diesel, natural gas and aviation fuel are exempt from GST. The Goods and Services Tax Council has to consider the date of bringing these products under the ambit of GST. He said, after the states agree, we will also bring petroleum products under the purview of GST. The next meeting of the GST Council will be held on February 18, 2023 in New Delhi. The Finance Minister also said that the government has increased capital expenditure by 33 percent to Rs 10 lakh crore in the budget for the financial year 2023-24. For the last three-four years, the emphasis has been on public capital expenditure, he said. We have continued it in this budget also.
The emphasis in the budget is on capital expenditure
It can be clearly said that the emphasis in this budget is on capital expenditure. Sitharaman said, “This is the first time in the last several years that capital expenditure has reached double digits. It shows that something has been given importance in the budget. ”He said that states are being encouraged to promote reforms in various sectors including power and implement one country, one ration card.
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