Bad idea to include petroleum in GST: Arvind Subramanian
Thu, Jul 4, 2024 6:54 PM

Bad idea to include petroleum in GST: Arvind Subramanian

A Flip by Avya Verma
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Arvind Subramanian, former chief economic advisor of India, expressed concerns about including petroleum in the Goods and Services Tax (GST) regime, citing potential loss of sovereignty for states. He emphasized the need to rationalize GST rates and absorb cess into the regular rate structure, which currently yields around 0.5% of GDP. Subramanian noted that the Centre has lost 0.5-1% of GDP.

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