National

In Last Three Years Government Has Earned About 8 Lakh Crores From Taxes On Fuel

In a written reply to a question asked in Rajya Sabha Minister wrote More than 3.71 lakh crore was collected in 2020-21, out of the total amount.

New Delhi: Finance Minister on Tuesday informed the Parliament that Government earned around ₹ 8 lakh crore from taxes levied on petrol and diesel in the last three financial years.

In a written reply to a question asked in Rajya Sabha Minister wrote More than 3.71 lakh crore was collected in 2020-21, out of the total amount.

The excise duty on petrol rose from ₹ 19.48 per litre as on October 5, 2018 to ₹ 27.90 a litre as on November 4, 2021. The duty on diesel rose from ₹ 15.33 a litre to ₹ 21.80 during the same period, Ms Sitharaman said while giving details on excise duty hike on fuel prices.

Within this period, the excise on petrol fell from ₹ 19.48 per litre as of October 5, 2018 to ₹ 17.98 as of July 6, 2019; while excise on diesel reduced from ₹ 15.33 to ₹ 13.83 during the same reference period.

The excise duties on petrol and diesel were on a rising trajectory till February 2, 2021, to ₹ 32.98 and ₹ 31.83 respectively, before falling a tad and then declining further to ₹ 27.90 a litre (petrol) and ₹ 21.80 (diesel) as on November 4, 2021.

“The central excise duties, including cesses collected from petrol and diesel, during the last three years are: ₹ 2,10,282 crore in 2018-19; ₹ 2,19,750 crore in 2019-20 and ₹ 3,71,908 crore in 2020-21,” the finance minister said.

Just before Diwali this year on November 4, the government slashed the excise duties on petrol and diesel by ₹ 5 and ₹ 10 a litre, respectively.

This was followed by several states announcing a cut in the value added tax (VAT) on petrol and diesel.

Dear Readers,
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.

Related posts