Petroleum products can be brought under GST if states agree: FM

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday offered to bring petroleum products under GST regime if states arrive at a consensus on it.

Addressing a post-budget interactive session organised by industry body PHDCCI, she said that if the states agree, then petroleum products can be brought under the GST ambit.

Meanwhile, the Finance Minister, during the interactive session with industry captains, said that the government, over the years, has striven to increase public expenditure, which she said would fuel growth.

Sitharaman further said that in the recently presented budget, the government has raised capital expenditure by 33 per cent to Rs 10 lakh crore.

The 49th meeting of the GST Council will meet in the national capital on February 18, chaired by finance minister Nirmala Sitharaman.

The continued push on infrastructure, which is happening across the country on a massive scale, will keep India's economic growth momentum intact, according to her.

"The momentum on growth should not be relaxed or diluted, if anything, there should be greater ascent for that growth which we want to sustain at a good level," she reportedly said.

Speaking about fiscal discipline, she said the government is getting along on its roadmap, adding that the fiscal deficit has steadily declined from 7.3 per cent in 2020-21 to 5.9 per cent in 2023-24.

It is reported that in 2022-23, fiscal deficit was pegged at 6.4 per cent, the minister stressed the government’s plan to bring it down below 4.5 per cent of GDP by the financial year 2025-26.

With inputs from IANS and ANI