Winning Bizness Desk
Mumbai. GST collection broke all records in the recently ended month of March. With the reduction in the cases of Covid-19 pandemic, economic activities in the country are getting back on track and the GST collection has now confirmed this. It stood at Rs 1.42 lakh crore in March, which is a record till date. It is expected to go up further in April. With the record GST collection, the government can take some steps to give relief to the common man struggling with inflation.
Election forced to hold petro products prices
Due to the ongoing war between Russia and Ukraine, the price of crude oil reached $ 139 per barrel at one time. But due to elections in five states including Uttar Pradesh, the price of petrol and diesel remained stable for about four and a half months. This caused huge losses to the oil marketing companies. To compensate for this, he started increasing the price of petrol and diesel from 22 March. So far, the price of petrol and diesel has increased by Rs 7.20 per liter in 10 installments.
Relief needed on petrol and diesel
In many cities of the country, the price of petrol has crossed Rs 115 per liter while diesel is also close to Rs 100. Due to the increase in the price of diesel, inflation has started increasing in the country and it may reach its peak in the coming days. This is the reason why the government can cut the central excise on petrol and diesel to give relief to the common man and control inflation. It is possible for the government to do this after the record collection in GST.
Last year, when the price of petrol and diesel had reached a record in the country, the government cut the excise duty on petrol and diesel by Rs 5 and Rs 10 respectively, giving Diwali gifts to the people. Experts say that if the Modi government again cuts the excise duty on petrol and diesel, then it will give relief to the common man and will also curb inflation.