Hike in taxes on petrol, diesel spikes excise duty collection

Jan 18 2021 05:37 PM
Hike in taxes on petrol, diesel spikes excise duty collection

The tax of the fuel was increased to support the economy during the pandemic. According to data from the Controller General of Accounts (CGA), Excise duty collection during April-November 2020, was at ₹1,96,342 crore, up from ₹1,32,899 crore mop-up during the same period in 2019.

according to data from the oil ministry's Petroleum Planning and Analysis Cell (PPAC), The sale  of Diesel during April-November 2020, stood at 44.9 million tonnes as compared to 55.4 million tonnes a year back. The  consumption of too was lower at 17.4 million tonnes, compared to 20.4 million tonnes during April-November 2019.

The Indian government had raised excise duty on petrol by ₹13 per litre and that on diesel by ₹16 a litre in two tranches to mop up gains arising from international crude oil prices falling to a 20 years low.With this, the total incidence of excise duty on petrol rose to ₹32.98 per litre and that on diesel to ₹31.83 a litre.

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