New Delhi, Jun 29 (IANS): GST Council Member and Bihar Deputy Chief Minister Sushil Modi on Friday outright ruled out bringing petroleum products under the ambit of Goods and Services Tax (GST) in near future, citing loss of revenue both to central and state governments.

He added there was no consensus in the GST Council on the issue yet and if such a decision was effected in a hurry, both the Central and the state governments would incur huge revenue losses.

Modi, the Bihar Finance Minister, added that even if petroleum products are brought under GST, there is no guarantee that they would attract a tax rate within 28 per cent and states may levy additional taxes for want of more revenue.

His statement comes days after NITI Aayog Vice Chairman Rajiv Kumar told IANS in an interview that petrol and diesel can't be brought under GST any time soon since the total state and Central taxes on petrol put together are around 90 per cent right now.

He had said that no state will be willing to take a cut so huge and opening a new slab under GST would be an enormous exercise.

However, Modi said the Council could positively consider bringing in natural gas and aviation turbine fuel within the purview of GST.

Addressing a National Conclave on "GST - Growing Stronger Together" here, he said the GST slab of 28 per cent for certain products could be brought down only once the revenues stabilize at about Rs one lakh crore per month, a statement said.

The average monthly collection under GST stood at Rs 89,885 crore during 2017-18.

"Similarly, a three slab GST could also be possible at any rate between 12 per cent and 18 per cent once the monthly revenue collections move towards stability which will take time," he added.