New Delhi: The Centre’s tax collection from the oil sector grew by 36% in 2020-21 to over Rs 4.5 lakh crore from Rs 3.3 lakh crore in 2019-20, buoyed by the last fiscal’s tax hike on petrol and diesel, Government data presented on the show in Parliament on Monday.
Junior Finance Minister Pankaj Choudhary informed that taxes on petrol and diesel, including excise duty and various cesses, contributed Rs 3.7 lakh crore in 2020-21, which is 68% higher than Rs 2.2 lakh crore in 2019-20. Lok Sabha in a written reply. Separately, Junior Petroleum Minister Rameshwar Tele Said Rajya Sabha In a written reply that the states collected Rs 2,02,937 crore as sales tax/ tub On petrol and diesel in 2020-21, just 1% more than Rs 2,00,493 crore.
The data makes it clear that the Center was wrong in blaming state taxes for record fuel prices, which really shot through the roof as sharp excise duty hikes in the March-May period of 2020 led to rising oil prices. enhanced the effect. The Center had increased the excise duty on petrol by Rs 13 per liter and on diesel by Rs 16 due to the fall in oil prices due to the Kovid epidemic.
The amendments raised excise duty on petrol from Rs 19.98 to Rs 32.98 per liter and 79% excise duty on diesel from Rs 15.83 to Rs 28.35. This resulted in excise duty collection from diesel, the most consumed fuel, more than doubling from Rs 1.1 lakh crore in 2019-20 to Rs 2.3 lakh crore.
According to government data tabled in the Lok Sabha in July show, mop-ups from petrol rose 53% to over Rs 1 lakh crore, from Rs 66,279 crore in the pre-pandemic fiscal year.
Junior Finance Minister Pankaj Choudhary informed that taxes on petrol and diesel, including excise duty and various cesses, contributed Rs 3.7 lakh crore in 2020-21, which is 68% higher than Rs 2.2 lakh crore in 2019-20. Lok Sabha in a written reply. Separately, Junior Petroleum Minister Rameshwar Tele Said Rajya Sabha In a written reply that the states collected Rs 2,02,937 crore as sales tax/ tub On petrol and diesel in 2020-21, just 1% more than Rs 2,00,493 crore.
The data makes it clear that the Center was wrong in blaming state taxes for record fuel prices, which really shot through the roof as sharp excise duty hikes in the March-May period of 2020 led to rising oil prices. enhanced the effect. The Center had increased the excise duty on petrol by Rs 13 per liter and on diesel by Rs 16 due to the fall in oil prices due to the Kovid epidemic.
The amendments raised excise duty on petrol from Rs 19.98 to Rs 32.98 per liter and 79% excise duty on diesel from Rs 15.83 to Rs 28.35. This resulted in excise duty collection from diesel, the most consumed fuel, more than doubling from Rs 1.1 lakh crore in 2019-20 to Rs 2.3 lakh crore.
According to government data tabled in the Lok Sabha in July show, mop-ups from petrol rose 53% to over Rs 1 lakh crore, from Rs 66,279 crore in the pre-pandemic fiscal year.
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