Excise obligation on petroleum merchandise witnessed a soar of 48 per cent throughout April-July interval of the present monetary 12 months i.e. 2021-22, as they stood at Rs 1 lakh crore, in comparison with Rs 67,895 crore through the corresponding interval of final 12 months, in accordance with the Controller General of Accounts information,
The incremental collections had been to the tune of Rs 32,492 crore through the April-July interval of the present fiscal, the information mentioned additional.
Petrol and diesel do not come underneath the purview of Goods and Services Tax (GST) and excise obligation continues to be levied on them. Aviation Turbine Fuel (ATF) and pure gasoline are the opposite two commodities on which GST isn’t levied.
The enhance in excise obligation collections is principally attributable to gas gross sales going up as regionally imposed lockdowns have been eased and site visitors motion has gone up, particularly through the interval talked about above. The elevated sale of petrol and diesel led to the rise in excise obligation collections.
The collections additionally rose as petrol and diesel costs until a month again had been constantly rising, crossing the Rs 100 per litre mark in a number of cities of the nation.