Rs 3.71 lakh crore was collected in 2020-21
New Delhi: During the winter sessions in the parliament, Union Finance Minister Nirmala Sitharaman informed that the Govt. earned around Rs 8 lakh crore from taxes levied on petrol and diesel in the last three financial years.
Out of Rs 8 lakh crore, almost Rs 3.71 lakh crore was collected in 2020-21, Ms Sitharaman informed in a written reply to a question in Rajya Sabha.
Stating specific information on the fuel-price hike during the session, Finance Minister Ms Nirmala said, "the excise duty on petrol rose from Rs 19.48 per litre as on October 5, 2018, to Rs 27.90 a litre as on November 4, 2021. The duty on diesel rose from Rs 15.33 a litre to Rs 21.80 during the same period."
During the period mentioned above, the excise on petrol fell from Rs 19.48 per litre as of October 5, 2018, to Rs 17.98 as of July 6, 2019; while excise on diesel reduced from Rs 15.33 to Rs 13.83 during the same reference period.
The excise duties on petrol and diesel were on a rising trajectory till February 2, 2021, to Rs 32.98 and Rs 31.83 respectively, before falling a tad and then declining further to Rs 27.90 a litre (petrol) and Rs 21.80 (diesel) as on November 4, 2021.
According to Ms Nirmala, "The central excise duties, including cesses collected from petrol and diesel, during the last three years are Rs 2,10,282 crore in 2018-19; Rs 2,19,750 crore in 2019-20 and Rs 3,71,908 crore in 2020-21."
Post-Diwali the Central Govt. slashed down the excise duties on petrol and diesel by Rs 5 and Rs 10 a litre, respectively.
The step regarding the price drop was followed by several states announcing a cut in the value-added tax (VAT) on petrol and diesel.
The Brief. Sign up to receive the top stories you need to know right now.