Bring petrol, diesel under GST
A bandh called to protest the rising fuel prices was a total success. The whole credit of this success should go to Narendra Modi and no one else. This bandh was not a result of some pressure brought on another political party. The country responded voluntarily. The value of rupee is continuing to fall against the dollar. The devaluation of rupee and rising oil prices are two faces of the same coin. The government is stumped at their pace.
Today there are no economic experts within the government to explain why this has happened. Politicians are speaking the way it pleases them. Sanyasis and babas are confusing people. They are confusing people on social media by releasing fake and concocted stories. The moment someone raises a question about rising prices, the Modi followers are defending the government and speak about rising fuel prices during UPA period. There are fake sites like Post Card etc are floating stories that peddle such nuisance.
Instead of controlling rising fuel prices, the government is busy defending its decision, and preparing itself to face challenges that lie ahead. It means, the government will never reduce the prices. Also, this means “you must tolerate this for Modi’s sake”. Is it not possible to reduce the prices? Or does the government not want to do it? We need to find an answer to this question. Whose interest is the government trying to protect by acting like an innocent victim when it comes to rising fuel prices? It is not favouring people for sure. This increase in fuel prices can affect all other essential commodities too. To query on why the fuel prices were increasing, the government points finger at crude oil and decreased rupee value against global cues. The government says they cannot control the price of petrol. At the same time, the government is cleverly concealing the fact that other countries in Asia continent have priced their fuel lesser than India.
So why is India paying more for petrol and diesel? The whole reason for this is the taxes that are levied on the fuel. State and central governments add VAT to this. The central government is receiving Rs 19.48 tax for petrol and Rs 15.33 for diesel. Above this, the state governments add their VAT as well. The indirect taxes on petrol and diesel are 100% on petrol and 70% in diesel. If not for these taxes, despite the increase in crude oil, petrol and diesel could be sold at Rs 40 per litre. NDA is heavily dependent on oil products for its excise duty collection. The share of tax revenue collected during 2009-14 was about 8.9%. In 2014 – 15 and 2017-18, this average has increased to 12.5%. At the same time, the corporate taxes that was at 36.5% during UPA II, has come down to 30.7% with NDA> Income tax that stood at 19% during UPA II has increased to 21% during NDA. These numbers reveal the priorities of both governments.
On one hand, corporate tax has come down, and the share of tax of fuel consumers and income tax payers has increased. The poor and the middle class are being sucked dry to make things comfortable for the corporates. Hence if the unnecessary tax levied on fuel is brought down, the general public can breathe easy. There is a need to bring petrol and diesel like kerosene and LPG under GST tag. Even if they are levied with 28% GST, oil prices won’t cross Rs 55. The loss incurred here can be made good for, by way of removing tax holiday for corporate companies.
Data says government loses Rs 85,000 crore annually owing to tax holidays given to the corporate companies. For that, the government is baying for the blood of the poor, to ensure the rich ones live. This corporate-friendly approach in taxing people has forced people to the brink. The government needs to make clear whether the government is pro-poor or pro-rich in its approach.
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Earthquake of 3.6 magnitude hits Manipur's Bishnupur
Imphal (PTI): An earthquake of 3.6 magnitude hit Manipur's Bishnupur district early Friday morning, the National Center for Seismology (NCS) said.
There was no report of any loss of life or damage to property, police said.
The tremor occurred at 4:42 am and was centred in the Bishnupur region at a depth of 10 km with latitude 24.64 degree north and longitude 93.83 degree east, it said.
"EQ of M: 3.6, On: 22/11/2024 04:42:37 IST, Lat: 24.64 N, Long: 93.83 E, Depth: 10 Km, Location: Bishnupur, Manipur," the National Center for Seismology said.
