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  Business   In Other News  01 Dec 2021  Centre collects Rs 3.72 L cr as excise on fuel in FY21

Centre collects Rs 3.72 L cr as excise on fuel in FY21

THE ASIAN AGE.
Published : Dec 1, 2021, 10:40 am IST
Updated : Dec 1, 2021, 10:40 am IST

Of this, around Rs 20,000 crore has gone to the states

A total of Rs 3,71,908 crore was collected as central excise duty, including cesses, in the last fiscal. The collection was 108.5 per cent higher than Rs 1,78,311 crore collected in FY20.  — PTI
 A total of Rs 3,71,908 crore was collected as central excise duty, including cesses, in the last fiscal. The collection was 108.5 per cent higher than Rs 1,78,311 crore collected in FY20. — PTI

Chennai: The Centre collected Rs 3.72 lakh crore as excise duty from petrol and diesel in 2020-21. Of this, around Rs 20,000 crore has gone to the states.

A total of Rs 3,71,908 crore was collected as central excise duty, including cesses, in the last fiscal. The collection was 108.5 per cent higher than Rs 1,78,311 crore collected in FY20. The increase in the collection was mainly on account of rise in the incidence of taxation.

 

Total excise duty on petrol was Rs 19.98 per litre in 2019 and Rs 15.83 a litre on diesel. The government raised excise duty twice last year to Rs 32.98 per litre on petrol and to Rs 31.83 on diesel.

Between April 2016 and March 2021, a total of Rs 11.74 lakh crore was collected as central excise from petrol and diesel.  

The total amount of tax devolved to state governments from the corpus collected under the central excise duty in FY2020-21 was Rs 19,972 crore.

“Devolution to state governments is made out of the basic excise duty component on the basis of the formula prescribed by the Finance Commission from time to time. At present, the rate of basic excise duty is Rs  1.40 per litre on petrol and Rs 1.80 per litre on diesel,” minister of state for finance Pankaj Chaudhary informed the Rajya Sabha.  

 

Besides, the basic excise duty of Rs 1.40 per litre for petrol, a special additional excise duty of Rs 11 and road and infrastructure cess of Rs 13 are levied on a litre of petrol. A Rs 2.50 agriculture infrastructure and development cess is also levied on top of this.

Similarly, on diesel, the basic excise duty is Rs 1.80 a litre. Along with this, Rs 8 each per litre as special additional excise duty and a road and infrastructure cess is levied, apart from a Rs 4 per litre agriculture infrastructure and development cess.

Tags: excise duty on petrol diesel