Excise collection on petrol, diesel rises by 50%
Published on May 09, 2015 15:13:50 PM
Excise duty collection on petrol and diesel has gone up by 50 per cent in 2014-15 to Rs 74,465 crore, due to increase of tax rates by the government on multiple circumstances to sustain its revenues.
In a written reply to a question in the Lok Sabha, Minister of State for Finance Jayant Sinha said the government has collected Rs 31,165 crore in excise duty on petrol in 2014-15, up from Rs 22,424 crore in the previous year.
On diesel, excise collections rose by nearly 60 per cent to Rs 43,300 crore when compared to Rs 27,146 crore of the 2013-14 fiscal.
The government had on four occasions between November 2014 and January 2015 hiked excise duty on petrol and diesel to prop up its revenues.
Total excise collection from petroleum products was Rs 78,545 crore in the fiscal year ending March 31, 2015 (2014-15), up from Rs 54,007 crore in the previous year. For the current fiscal, he said "product-wise targets for tax collection are not set in respect of customs and central excise duties."
"However, Budget Estimates for customs and excise duties for FY 2015-16, including revenue from petroleum products, are Rs 208,336 crore and Rs 229,809 crore respectively," he said.
It was also revealed that the government earned Rs 1248 crore in excise duty on aviation turbine fuel (ATF), Rs 363 crore on kerosene, Rs 325 crore on diesel oil and Rs 2,144 crore on furnace oil.