{"id":403182,"date":"2021-03-05T11:44:20","date_gmt":"2021-03-05T06:14:20","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=403182"},"modified":"2021-03-05T12:06:53","modified_gmt":"2021-03-05T06:36:53","slug":"oil-price-stabilization-fund-to-help-consumers-from-rising-crude-prices-report","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-price-stabilization-fund-to-help-consumers-from-rising-crude-prices-report\/","title":{"rendered":"Oil price stabilization fund to help consumers from rising crude prices: Report"},"content":{"rendered":"<p>The Government should set up an crude oil price stabilisation fund which can be used in bad times for compensating revenue loss by cross subsidising fund saved from good times, without hurting the consumer, according to a report by State Bank of India economists.<\/p>\n<p>One of the unfinished agendas of the current goods and services tax (GST) regime is bringing petrol and diesel under GST. &#8220;Centre &amp; states are loathe to bring crude oil products under the GST regime as Sales Tax\/VAT on petroleum products is a major source of own tax revenue for them&#8221; say SK Ghosh, group chief economic advisor, SBI NSE -3.21 % and his team. &#8220;Thus, there is lack of political will to bring crude under the ambit of GST&#8221;<\/p>\n<p>Interestingly, no country in the world has a completely transparent mechanism in pricing petroleum products. However, the federal nature of taxing makes estimating state-wise petroleum, oil and Lubricant (POL) related product prices an especially tough exercise for India.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government should set up an crude oil price stabilisation fund which can be used in bad times for compensating revenue loss by cross subsidising fund saved from good times, without hurting the consumer, according to a report by State Bank of India economists. One of the unfinished agendas of the current goods and services tax (GST) regime is bringing petrol and diesel under GST. &#8220;Centre &amp; states are loathe to bring crude oil products under the GST regime as Sales Tax\/VAT on petroleum products is a major source of own tax revenue for them&#8221; say SK Ghosh, group chief [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,191,136],"tags":[],"class_list":["post-403182","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/403182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=403182"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/403182\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=403182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=403182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=403182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}