Member of GST Council & Deputy Chief Minister, Bihar, Sushil Kumar Modi recently outright ruled out inclusion of petroleum products into GST ambit in near future, citing loss of revenues both to Centre and States if such a decision is affected in hurry and that the GST Council has no consensus on this issue as yet.

However, Modi did assure India Inc. that GST Council could positively consider bringing in natural gas and ATF within the purview of GST for which he did not prescribe a definite timeframe.

Addressing a National Conclave on "GST - Growing Stronger Together" under aegis of PHD Chamber of Commerce and Industry, Modi made it amply clear that the GST slab of 28 percent for certain products could be brought down once the revenues for GST collection stabilize at about Rs. One Lakh Crore per month or so.

"Similarly, a three slab GST could also be possible at any rate between 12 percent and that of 18 percent once the monthly revenue collections move towards stability which will take time," clarified Modi.

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