Hi Satish -
Sorry for the confusion. The bottom line is that for GCE disks, images, and snapshots, there are three encryption mechanisms:
a) Google Managed (default)
b) Customer Managed (using Cloud KMS)
c) Customer Supplied
When using (a), Google will manage encryption of disks, images and snapshots for you automatically. Under this mode, we do not guarantee any particular frequency of key rotation, neither for the DEK nor the KEK.
If you or your customers require that keys be rotated on some predictable schedule, we recommend going with option (b).
As for the sources of confusion, notice that Dinesh's first message above refers to KMS (option 2). Also, note that "Google Cloud Storage", as referred to in both Dinesh's comments and in the link[1] is not the same thing as GCE disks/images/snapshots. Rather, "Google Cloud Storage" refers to a separate cloud object storage offering[2], with its own nuances on encryption granularity, key rotation, etc.