Economy

In last 3 fiscal years, government earned over Rs 8 lakh crore from taxes on petrol and diesel – FM Sitharaman

Finance Minister Nirmala Sitharaman informed Parliament on Tuesday that the Centre earned nearly Rs 8.02 lakh crore from petrol and diesel taxes over the last three fiscal years, with more than Rs 3.71 lakh crore collected in FY21 alone. The minister was responding to questions about the three-year increase in excise duty on gasoline and diesel, as well as the revenue generated by various taxes on these fuels.

government earned over Rs 8 lakh crore from taxes on petrol and diesel
government earned over Rs 8 lakh crore from taxes on petrol and diesel

Petrol excise duty increased from Rs 19.48 per litre on October 5, 2018, to Rs 27.90 on November 4, 2021. During the same period, the duty on diesel increased from Rs 15.33 to Rs 21.80 per litre, according to Sitharaman’s written reply in the Rajya Sabha. During this time, the excise on petrol decreased from Rs 19.48 per litre on October 5, 2018 to Rs 17.98 on July 6, 2019, while the excise on diesel decreased from Rs 15.33 to Rs 13.83.

Excise duties on petrol and diesel rose to Rs 32.98 and Rs 31.83 per litre on February 2, 2021, before falling a tad and then falling further to Rs 27.90 per litre (petrol) and Rs 21.80 per litre (diesel) on November 4, 2021.

“During the last three years, the central excise duties, including cesses collected from petrol and diesel, have been Rs 2,10,282 crore in 2018-19, Rs 2,19,750 crore in 2019-20, and Rs 3,71,908 crore in 2020-21,” Sitharaman said. On November 4, just before Diwali, the government lowered excise duties on petrol and diesel by Rs 5 and Rs 10 per litre, respectively. Several states then announced reductions in the value added tax (VAT) on the two fuels.

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