In 6 years, 300% increase in Central government`s tax collection on petrol and diesel

In 6 years, 300% increase in Central government`s tax collection on petrol and diesel

Govt's tax collection on petrol, diesel jumps 300% in 6 years | Economy  News | Zee News

On Monday, the Lok Sabha informed that there has been a rise of over 300 per cent in the last six years in the Centre government`s tax collection as excise duty on the petrol and diesel has hiked.

According to Minister of State, Anurag Singh Thakur, the collections on petrol and diesel rose to ₹2.94 lakh crore in the first 10 months of the fiscal year.

Central government's tax collection on petrol, diesel jumps 300% in 6 years  | Hindustan TimesIn January 2021 to April 2020, the collection by Central government has gone up from ₹74,158 crore to ₹2.95 lakh crore.

The taxes collected on petrol, diesel and natural gas have gone from 5.4 per cent in 2014-15 to 12.2 per cent this fiscal.

In 2014, the Excise duty was ₹9.48 per litre and it increased to ₹32.90 a litre and ₹3.56 a litre to ₹31.80 has been the case for diesel.

In Delhi, the present retail price of petrol is ₹91.17 a litre. Taxes make up for 60% of the present retail price. 36% of the retail price is made up by the Excise duty.

53% of the retail selling price of ₹81.47 a litre of diesel in Delhi is made up of taxes. 39 per cent of the retail price comprises of central excise.

Woolworths Group: Woolworths Group enters 15-year fuel supply deal with  Caltex Australia, Energy News, ET EnergyWorld“The total central excise duty (including basic excise duty, cesses and surcharge) was increased by ₹3 per litre on petrol and diesel with effect from March 14, 2020. It was further revised upwards by ₹10 per litre on petrol and ₹13 per litre on diesel with effect from May 6, 2020,” Thakur said.

In November 2014 and January 2016, the government did the hike in excise duty that is similar to the increase in taxes.

Over nine instalments, duty on petrol rate was hiked by ₹11.77 per litre and that on diesel by 13.47 a litre in those 15 months.

“The excise duty rates have been calibrated to generate resources for infrastructure and other developmental items of expenditure keeping in view the present fiscal position,” he added.

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