Economy

Excise mop-up from fuels doubled in FY21

The central government’s mop-up from excise duty levied on petrol and diesel more than doubled to ₹3.72 lakh crore in the pandemic year 2020-21, out of which States were given less than ₹20,000 crore, according to a reply by the government in the Rajya Sabha on Tuesday.

Minister of State for Finance Pankaj Chaudhary in a written reply to a question stated that collection from levy of central excise duty on petrol and diesel increased from ₹1.78 lakh crore in 2019-20 to ₹3.72 lakh crore in 2020-21.

The increase in the collection was mainly on account of rise in the incidence of taxation on fuels.

Excise duty on petrol was ₹19.98 per litre in 2019 and ₹15.83 on diesel. The government raised excise duty twice last year to ₹32.98 per litre on petrol and to ₹31.83 on diesel. The duty was moderated to ₹32.90 on petrol and ₹31.80 on diesel in the Budget this year. It was cut by ₹5 a litre on petrol and ₹10 on diesel recently.


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Printable version | Jan 20, 2022 8:04:47 AM | https://www.thehindu.com/business/Economy/excise-mop-up-from-fuels-doubled-in-fy21/article37776689.ece

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