• Hindi
  • Heritage Edge
  • Sports Edge
  • Wildlife Edge
SHARP. BITTER. NEUTRAL.
No Result
View All Result
  • Login
The Edge Media
Friday, July 11, 2025
  • Home
  • National Edge
  • State Edge
  • Political Edge
  • World Edge
  • Entertainment Edge
  • Business Edge
  • Sports Edge
  • Home
  • National Edge
  • State Edge
  • Political Edge
  • World Edge
  • Entertainment Edge
  • Business Edge
  • Sports Edge
No Result
View All Result
The Edge Media
No Result
View All Result
Home Main Story

Govt will gain Rs 1.6 lakh cr from excise duty hike on petrol, diesel

The Edge Media by The Edge Media
5 years ago
in Main Story, Social Edge
Reading Time: 2 mins read
0
Share on FacebookShare on TwitterShare on LinkedInShare via TelegramSend To WhatsApp

The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price.  Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low. Petrol price remained unchanged at Rs 71.26 a litre and diesel at Rs 69.39 as State-owned oil firms set off the excise duty hike against gains they accrued from fall in international oil rates. This is the second hike in excise duty in less than two months and will help the government garner over Rs 1.6 lakh crore in additional revenues annually at 2019-20 level of consumption, industry officials said.

Considering the slump in consumption due to travel restrictions imposed by coronavirus lockdown, the gains in the remaining 11 months of the current fiscal year (April 2020 to March 2021) will be close to Rs 1.6 lakh crore, they said. Together with Rs 39,000 crore in annual revenues gained from the March 14 excise duty hike of Rs 3 per litre each on petrol and diesel, the government stands to gain as much as Rs 2 lakh crore. After the excise duty hike, taxes — both central excise and state VAT — make up for 70 per cent of the price of petrol and diesel. A litre of petrol costs only Rs 18.28 per litre in Delhi but after including excise duty (Rs 32.98), dealer commission (Rs 3.56) and VAT (Rs 16.44) the price for consumer comes to Rs 71.26 a litre.

Similarly, a litre of diesel costs only Rs 18.78 but after including excise duty (Rs 31.83), dealer commission (Rs 2.52) and VAT (Rs 16.26), it is priced at Rs 69.39 for consumers. State-owned fuel retailing companies, Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), had frozen petrol and diesel prices since March 16, anticipating the government move and will now set off gains they accrued from the continuing drop in international oil prices against the excise duty hike. ICICI Securities said the excise duty hike would mean a plunge in gross auto fuel marketing margin by 64 per cent (Rs 12.1 a litre) from Rs 19 on May 5 to Rs 6.9 on May 6.

Previous Post

Coronavirus cases in Asia rise to 2,50,000, accounting for 7% of global infections; Singapore, India, Pakistan worst-affected

Next Post

The Edge News: Lockdown 3.0 begins with long queues outside liquor shops !

Related News

Massive Infrastructure Boost: Centre Unveils ₹2 Lakh Crore Highway Projects in Jharkhand

Massive Infrastructure Boost: Centre Unveils ₹2 Lakh Crore Highway Projects in Jharkhand

by The Edge Media
July 3, 2025
0

In a significant push to enhance connectivity and drive economic growth in Jharkhand, the Central Government has announced national highway...

Drama Unfolds: Pakistani Celebs’ Instagram Accounts Still Blocked in India After Brief Glitch Sparks Online Frenzy

Drama Unfolds: Pakistani Celebs’ Instagram Accounts Still Blocked in India After Brief Glitch Sparks Online Frenzy

by The Edge Media
July 3, 2025
0

In a digital twist that sent shockwaves across social media, Instagram accounts of top Pakistani celebrities—including actors and cricketers—remain blocked...

Devotees Critically Injured at Kumbh Mela, CM Yogi Adityanath Ensures Prompt Medical Response

Devotees Critically Injured at Kumbh Mela, CM Yogi Adityanath Ensures Prompt Medical Response

by Caru
January 29, 2025
0

Lucknow: Chief Minister Yogi Adityanath confirmed today that several devotees were "seriously injured" in a late-night incident at the Kumbh...

Man Arrested From Gorakhpur for Threatening to Kill PM Modi and CM Adityanath

Man Arrested From Gorakhpur for Threatening to Kill PM Modi and CM Adityanath

by The Edge Media
July 11, 2023
0

Early in the morning of Monday, June 15th, an alarming scene unfolded in Gorakhpur, India. A man, identified as Shabir...

BJP Disrupts Bihar Assembly Proceedings Over Tejashwi Yadav’s Resignation

BJP Disrupts Bihar Assembly Proceedings Over Tejashwi Yadav’s Resignation

by The Edge Media
July 11, 2023
0

The Bihar Assembly was stunned into silence on Tuesday as BJP legislators disrupted proceedings and demanded the resignation of Deputy...

Delhi CM To Establish Doorstep Ration Delivery Without Center’s Approval

Delhi CM Kejriwal Links GST to ED, Warns Traders of Arrests for Tax Avoidance

by The Edge Media
July 11, 2023
0

It was a shocking announcement when Delhi Chief Minister Arvind Kejriwal recently announced that any traders caught avoiding GST payments...

Discussion about this post

Recommended

Lockdown extended in TamilNadu till June 14

4 years ago

Byju’s acquires higher education platform Great Learning and after-school learning app Toppr

4 years ago

Popular News

  • Massive Infrastructure Boost: Centre Unveils ₹2 Lakh Crore Highway Projects in Jharkhand

    Massive Infrastructure Boost: Centre Unveils ₹2 Lakh Crore Highway Projects in Jharkhand

    0 shares
    Share 0 Tweet 0
  • Drama Unfolds: Pakistani Celebs’ Instagram Accounts Still Blocked in India After Brief Glitch Sparks Online Frenzy

    0 shares
    Share 0 Tweet 0
  • Devotees Critically Injured at Kumbh Mela, CM Yogi Adityanath Ensures Prompt Medical Response

    0 shares
    Share 0 Tweet 0
  • Man Arrested From Gorakhpur for Threatening to Kill PM Modi and CM Adityanath

    0 shares
    Share 0 Tweet 0
  • BJP Disrupts Bihar Assembly Proceedings Over Tejashwi Yadav’s Resignation

    0 shares
    Share 0 Tweet 0
  • Hindi
  • Heritage Edge
  • Sports Edge
  • Wildlife Edge
SHARP. BITTER. NEUTRAL.

© 2024 The Edge Media All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • National Edge
  • State Edge
  • Political Edge
  • World Edge
  • Entertainment Edge
  • Business Edge
  • Sports Edge

© 2024 The Edge Media All Rights Reserved.