Patna, May 27 (PTI): Bihar Deputy Chief Minister Sushil Kumar Modi on Saturday asserted that bringing petroleum products under the ambit of Goods and Services Tax (GST) will not have much impact in reducing its prices.

"It is a big misconception (among the people) that price of petroleum products will be reduced significantly if they are brought under GST ambit. Instead, the move will have minor impact in terms of reducing prices of petroleum products," Sushil Modi, who also heads the GST Network panel, told reporters.

"Under the GST regime, there is a practice across the world which empowers states to impose tax over and above the highest GST tax rate. This has been the practice followed everywhere in the world where GST has been implemented," Modi said. Modi was speaking to reporters in Patna after reviewing the 64th quarterly State Level Bankers Committee (SLBC) meeting.

Modi, who is also Bihar's Finance Minister, was replying to a query whether the government is contemplating bringing petroleum products under the GST regime. He said that the issue of whether or not to include petroleum products under GST will be decided by the GST Council.

"There is unanimity in the GST Council that petroleum products will not be brought under GST regime until it (the new GST regime) stabilises," Modi said.