J&K consumers paid Rs 6,791 crore taxes on petrol, diesel in last 5 fiscal years

The finance department has revised the tax rates and cess to bring down the fuel prices in J&K which was a long pending demand of residents.
J&K consumers paid Rs 6,791 crore taxes on petrol, diesel in last 5  fiscal years
With the decline in tax rates, the petrol price is hovering around Rs 100 a litre which had reached its highest rate at Rs 117 per litre before the government revised the tax rates.File: Habib Naqash/GK

Srinagar: The government has collected Rs 6,791 crore as tax, cess on petrol, diesel consumed in the Union Territory during the last 5 financial years.

As per the official figures accessed by the Greater Kashmir since 2016-17 to 2020-21 government has collected a whopping sum of Rs 6,791 crore. Of which Rs 1110 crore were collected in 2016-17, Rs 1329 crore in 2017-18, 1449 crore in 2018-19, Rs 1459 crore in 2019-20 and Rs 1444 crore in 2020-21.

The Union government has collected a total of Rs 4, 55,069 crore as taxes and cess on petrol and diesel in the last financial year (2020-21).

Among the states, Maharashtra collected the maximum amount of 25,430 crore as sales tax and VAT on all petroleum products, followed by Uttar Pradesh collecting an amount of Rs 21,956 and Tamil Nadu collecting Rs 17,063.

In November, the central government slashed excise duty on fuel prices, Lieutenant Governor Manoj Sinha announced a further reduction in petrol and diesel prices by Rs 7 per litre.

The finance department has revised the tax rates and cess to bring down the fuel prices in J&K which was a long pending demand of residents.

With the decline in tax rates, the petrol price is hovering around Rs 100 a litre which had reached its highest rate at Rs 117 per litre before the government revised the tax rates.

As the petroleum prices have cooled down, it has brought some sort of respite to consumers whose petroleum bills were witnessing a constant increase.

The Centre earned nearly Rs 8.02 lakh crore from taxes on petrol and diesel during the last three fiscal years.

The excise duty on petrol rose from Rs 19.48 per litre as on October 5, 2018 to Rs 27.90 a litre as on November 4, 2021. The duty on diesel rose from Rs 15.33 a litre to Rs 21.80 during the same period. Within this period, the excise on petrol fell from Rs 19.48 per litre as of October 5, 2018, to Rs 17.98 as of July 6, 2019; while excise on diesel reduced from Rs 15.33 to Rs 13.83 during the same reference period.

Oil marketing companies on Thursday kept the prices of diesel and petrol unchanged across major Indian cities.

Across the country as well, the price of the fuel remained largely unchanged but the retail rates varied depending on the level of local level taxes.

Greater Kashmir
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