In some cities, the price of petrol has crossed Rs 100 at present
Between April and December 2020, the government received revenue of Rs 4.21 lakh crore
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Petrol and diesel will soon become cheaper. However, there has been no increase in petrol and diesel prices for the last three days.
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The price
news is that a decision on tax reduction is likely to be taken by March 15. According to government sources, the matter will be decided soon. The price of crude has doubled in the last 10 months. Thus, the price of petrol and diesel in the country has now crossed the average of Rs 92 and Rs 86 respectively. In some cities, petrol has crossed Rs 100. The government may reduce excise duty due to increasing pressure from all quarters.
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The Center can impose excise duty and state VAT. The
central government imposes excise duty on petrol and diesel, while the state government imposes VAT. In the last three days government rights and corporates have demanded tax cuts. Just a few days back, MP Sabramaniam Swamy condemned Ram's petrol in India at Rs 93, while Ravana's at Rs 51 in Lanka and Sita's at Rs 53 in Nepal.
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Petroleum should be brought under GST On
Monday, Chief Economic Adviser to the government KV Subramaniam said that petroleum products should be brought under GST. Petrol and diesel prices in India are doubly taxed. . The government is focusing on raising revenue itself instead of giving people the benefit of falling crude prices.
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Discussions are going on with the states. The
finance ministry is also in discussions with some states in this regard to reduce taxes. However, many states, including Punjab, Bengal and Assam, have reduced taxes on petroleum products. Assembly elections are coming up in these states. The central government feels that the price of petroleum products could work against them in the elections. "We can't say when the tax will come down," Finance Minister Nirmala Sitharaman said recently. However we are talking to the states about this.
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Revenue of Rs 5.65 lakh crore was received In
the financial year ended March 31, 2020, the Central and State Governments received revenue of Rs 5.56 lakh crore from the petroleum sector. Between April and December 2020, revenue of Rs 4.21 lakh crore was collected. This happened when the demand for petroleum was low.
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