Excise Duty Collections On Petrol, Diesel, Gas Spiralled 96% Since FY14

The spiralling petrol, diesel and gasoline costs have severely dented home budgets throughout the nation, and the continual hike in excise responsibility on petrol, diesel and cooking gasoline by the Centre up to now seven years has been the principle cause behind the excessive price of those commodities that are most important for widespread man’s consumption.

While individuals have been burdened, between 2013-14 and 2020-21, there was an astounding 96 per cent enhance in excise responsibility assortment on these commodities.

According to official figures, the excise responsibility assortment on the three important commodities was Rs 12,35,870 crore in 2013-14. However by 2020-21 (until January 2021), these collections had gone as much as Rs 24,23,020 crore, a rise of 96 per cent over the 2013-14 figures.

In 2014-15, the excise responsibility assortment on these commodities was Rs 13,64,524 crore. Even if this determine is in comparison with the gathering figures of the just lately concluded 2020-21 (Rs 24,23,020 crore), then there was a 77 per cent enhance in excise responsibility collections.

Rising petrol costs have prompted a lot anger among the many individuals, particularly over the truth that in lots of cities petrol costs have crossed the Rs 100 a litre mark and there may be hardly any distinction between costs of petrol and diesel.

Petrol and diesel costs had been deregulated in 2010 and 2014 respectively.

There has been a constant enhance in excise responsibility of all of the three important commodities since 2014 onwards.

Most considerably, quickly after the nation-wide lockdown was introduced on March 24, 2020, the federal government had hiked excise responsibility on petrol and diesel in April and May of that yr to garner revenues, as tax revenues had been hit by the restrictions.