Petrol Prices: Taxes On Petro Merchandise Fetch Government Rs 2.67 Lakh Crore

BHOPAL: Crude oil costs within the worldwide market have come substantially down, however surprisingly the prices of petroleum products in India are on the rise, pinching the common man’s pocket. However then where is the huge money, being earned by means of several hikes in oblique taxes, going?

Well, in line with the federal government’s response to an RTI utility, at the same time as the money within the frequent man’s pockets appears to have developed wings, it is the federal government coffers which might be benefiting from the high costs of petroleum merchandise.

Throughout the monetary yr 2016-2017, the federal government earned a whopping Rs 2.67 lakh crore revenue on account of a number of increases in oblique taxes (Excise, Customs and import duties) on such products.

In response to an RTI utility, filed by social worker Chandrashekhar Gaur of Neemuch district in Madhya Pradesh, the Directorate Normal of System and Data Upkeep (DGSDM) supplied some information to recommend that in sharp contrast to the earnings of Rs 2.67 lakh crore in FY17, the revenue was only Rs 98,602 crore in FY13.

As Gaur had requested for the revenue accruing annually from 2012-13 until 2016-17, the data from DGSDM stated that in 2013-14, the earnings from oblique taxes on the petroleum merchandise stood at Rs 104,163 crore, which rose to 122,926 in FY15 and went up to Rs 203,825 lakh crore in 2015-16.

In different words, government earnings from petroleum merchandise increased 3 times over a period of five years, totally on account of enhance in oblique taxes every so often.

According to the information, whereas the revenue earned in 2012-13 from the sale of petrol was Rs 23,710 crore and from diesel Rs 22,513 crore, in 2016-17, petrol and diesel fetched Rs 66,318 crore and Rs 124,266 crore income, respectively.

Going by the figures, earlier petrol was a better revenue earner compared to diesel. However now, diesel is incomes the federal government income higher than petrol, as there’s a six-fold enhance within the revenue diesel is earning now than it could in 2012-thirteen.

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