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Government earns Rs 8 Lakh Crore from fuel tax in last 3 years

Government earns Rs 8 Lakh Crore from fuel tax in last 3 years

Government earns Rs 8 lakh crore in last three years through fuel tax

New Delhi:

Finance Minister Nirmala Sitharaman informed Parliament on Tuesday that the government earned around Rs 80,000 from taxes on petrol and diesel in the last three financial years.

Of the total amount, more than Rs 3.71 lakh crore was collected in 2020-21, she said in a written reply to a question in Rajya Sabha.

Ms. Sitharaman said the excise tax on gasoline increased from Rs 19.48 per liter on October 5, 2018 to Rs 27.90 per liter on November 4, 2021. It also details the increase in excise tax on fuel prices.

During this period, the excise for gasoline decreased from Rs 19.48 per liter on October 5, 2018 to Rs 17.98 on July 6, 2019; while excise for diesel engine decreased from Rs 15.33 to Rs 13.83 during the same reference period.

The excise tax on petrol and diesel is trending up until 2 February 2021, to Rs 32.98 and Rs 31.83, respectively, before decreasing a little and then falling further to 27 Rs.90 per liter (petrol) and Rs 21.80 (diesel) as on November 4, 2021.

“The concentrated excise taxes, including taxes on gasoline and diesel, over the past three years were: Rs 2,10,282 for 2018-19; Rs 2,19,750 for 2019-20 and 3 ,71,908 Rs in 2020-21,” said the finance minister.

Just before this year’s Diwali holiday on 4 November, the government cut the excise tax on petrol and diesel by Rs 5 and 10 per liter respectively.

This was followed by a number of states announcing value-added tax (VAT) cuts on gasoline and diesel.

https://www.ndtv.com/business/govt-earned-over-rs-8-lakh-cr-from-taxes-on-petrol-diesel-in-last-3-fiscals-sitharaman-2651062 Government earns Rs 8 Lakh Crore from fuel tax in last 3 years

Emma James

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