CBIC chairman to take decision on time to cut excise duty on petrol and diesel: CBIC chairman
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New Delhi:
Chairman of the Central Board of Indirect Taxes and Customs (CBIC) M M Ajit Kumar has said that the government will cut taxes when the time comes. Petrol and diesel prices (Petrol, Diesel Prices). Direct tax collection from record excise duty on petrol and diesel was 59 per cent higher year-on-year in the financial year 2020-21 ended on March 31. “We hope that the revenue will be good in the coming months.” Kumar said, “As far as the reduction in fuel prices is concerned, the government is constantly monitoring this matter and I am confident that a decision will be taken whenever the time comes.”
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Ajit Kumar was asked whether the government is considering a cut in excise duty on petrol and diesel to give relief to customers, although he did not give detailed information about the appropriate time. Last year, the government had increased excise duty on petrol by Rs 13 per liter, while on diesel by Rs 16 per liter. The excise duty on petrol is now Rs 32.90 per liter. The petrol rate in Delhi is Rs 90.56 per liter and the excise duty is 36 percent. On the other hand, the excise duty on diesel is Rs 31.80 per liter and the excise duty is 39 per cent of its retail selling price of Rs 80.87 per liter.
Adding VAT (value-added tax) of states, the share of the total tax in retail prices of these fuels is 55 to 60 per cent. In some parts of the country, Rajasthan, Maharashtra and Madhya Pradesh, amid rising crude oil prices in the international market Petrol prices in February reached Rs 100 a liter in February. Although assembly elections were announced in five states including West Bengal, Tamil Nadu and Kerala, the price hike was halted. CBIC member (budget) Vivek Johri said one of the reasons for the 59.2 percent increase in excise collection is the increase in the petroleum tax rate. Last month, Petroleum Minister Dharmendra Pradhan said in Parliament that tax collection on petrol and diesel was Rs 52,537 crore in 2013, which increased to Rs 2.13 lakh crore in 2019-20. At the same time, in the first 11 months of 2020-21, it increased to Rs 2.94 lakh crore. CBIC did not give the data of excise collection on petrol and diesel separately in 2020-21.
(This news has not been edited by the NDTV team. It has been published directly from the Syndicate feed.)