New Delhi: The central government, which is facing a huge revenue deficit due to Corona crisis and lockdown, has increased excise duty on petrol and diesel. The central government on Tuesday increased excise duty by Rs 10 on petrol and Rs 13 on diesel. With the increase in this excise duty, the government will get additional revenue of 1.6 lakh crores in the next 11 months.

This decision was taken to compensate for the huge loss in revenue due to the lockdown. In the global market, the price of crude oil has reached a low of two decades. The government decided to increase the excise duty on oil prices. This increase will result in additional revenue of 1.6 lakh crores in revenue in the current financial year, which will reduce the burden on the revenue. However, this is the second time in the current financial year when the government has increased the excise duty. Earlier in March, the government had increased the excise duty of both petrol and diesel by Rs 3. However, this time this increase has been increased.

In present times, there has been a huge reduction in the consumption of petrol and diesel due to lockdown. Fuel consumption is reducing as the movement stops. However, oil demand and consumption will increase after the lockdown ban is completely lifted. The government revenue will benefit. We take 70 per cent of the total price of oil in the form of VAT and excise duty. Oil of about 18 rupees attracts VAT of 49 rupees and excise duty tax.

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