The Centre had raised excise responsibility by Rs 13 per litre on petrol and Rs 16 on diesel between March-end and May 2020 when oil costs crashed because of the pandemic. The revisions raised excise responsibility by 65% on petrol from Rs 19.98 to Rs 32.98 a litre and 79% on diesel from Rs 15.83 to Rs 28.35.
As a consequence, assortment from diesel — the most-consumed gasoline — greater than doubled to Rs 2.3 lakh crore from Rs 1,12,032 crore in 2019-20. Mop-up from petrol swelled 53% to greater than Rs 1 lakh crore from Rs 66,279 crore in the pre-pandemic fiscal, the federal government knowledgeable the Lok Sabha on Monday.
The larger excise assortment from petrol and diesel raised the general tax assortment from petroleum merchandise, together with jet gasoline, pure gasoline and cess on home crude, by 74% to Rs 3.4 lakh crore, the federal government mentioned in a written reply.
The total excise assortment in the April-June quarter of the present monetary 12 months stood at greater than Rs 1 lakh crore, the federal government informed the House in response to a separate query.
The Centre had jacked up the excise responsibility to generate income to fund its battle towards Covid by sucking out windfall positive aspects made by staterun refiners when oil costs crashed. The states adopted swimsuit by elevating VAT.