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Union Minister Hardeep Singh Puri
– Photo: ANI
expansion
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Friday expressed the need to build a consensus to bring petrol and diesel under GST (Goods and Services Tax). While delivering a lecture on ‘Strategy and Measures to Improve India’s Energy Security in the Next Decade’ at a lecture organized at the 14th Foundation Day of Pune International Center (PIC), he said, ‘I was waiting to bring diesel petrol. Under the fence of GST for a long time I am talking about bringing. The finance minister has also talked about bringing fuel under GST on several occasions.
India’s energy consumption will increase with a huge population
Considering India’s huge population, energy security is extremely important. To increase its energy security, India needs to focus on strategic oil reserves and fuel exploration and production to reduce its heavy dependence on imported fuels. Puri said that “with a population of 140 million, India’s energy consumption is three times the world average. Because of this, India is a major player in the global energy scenario. According to him, in the next two decades, India alone will contribute 25 percent of the increase in energy consumption in the world.
It is imperative that all states agree to bring diesel petrol under the purview of GST.
The Union Minister said that “in order to bring diesel and gasoline under the fence of GST, the agreement of all states is needed and the challenges of the states will also have to be accepted. In fact, today the largest part of the states’ profits is VAT on gasoline and diesel and the money received from the sale of liquor . The central government is ready to cooperate. Puri said the Kerala High Court suggested discussing the issue in the GST Council, but the Kerala Finance Minister did not agree. He said non-BJP states were not ready to waive additional GST.
“States not controlled by BJP are not ready to give up additional VAT”
According to him, ‘Currently the situation is such that the BJP-ruled states have reduced their VAT and non-BJP states are also not ready to give up additional VAT, so I don’t think that is happening.’ They identified three main challenges to energy security: availability, affordability and transition to renewable energy sources.’ Puri also said that ‘green hydrogen represents the fuel of the future, but its success depends on local demand and production, and technological advances can help overcome the associated cost challenges.’ On the global oil markets, he said there is no shortage of oil in the world, but an increase in geopolitical tensions could lead to an increase in oil prices.
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
source link https://www.amarujala.com/india-news/hardeep-singh-puri-calls-to-build-consensus-over-bringing-petrol-diesel-under-gst-for-energy-security-2024-09-28
