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Excise duty rates on petrol, diesel calibrated to generate resources for infrastructure development: FinMin

The excise duty charges on petrol and diesel have been calibrated to generate sources for infrastructure constructing and different developmental expenditure retaining in view the prevailing fiscal scenario, Minister of State for Finance Pankaj Chaudhary mentioned on Tuesday.

In a written reply to a query within the Rajya Sabha, the minister mentioned petrol worth had gone up by Rs 3.83 a litre in Might, Rs 4.58 in June and Rs 2.73 in July (as much as July 16).

In April, the costs of petrol and diesel have been revised down by Rs 0.16 and Rs 0.14 a litre, respectively.

The retail promoting worth of diesel rose by Rs 4.42 a litre in Might, Rs 4.03 in June and Rs 0.69 in July (as much as July 16).

The retail promoting worth of petrol and diesel in Delhi on July 16, 2021, stood at Rs 101.54/litre and Rs 89.87/litre respectively, he mentioned.

“The excise responsibility charges on petrol and diesel have been calibrated to generate sources for infrastructure and different developmental gadgets of expenditure retaining in view the prevailing fiscal scenario,” Chaudhary mentioned.

Within the first three months (April-June) of the present fiscal, the whole excise responsibility collected on petrol and diesel was Rs 94,181 crore.

Excise collections on petrol and diesel jumped by 88 per cent to Rs 3.35 lakh crore within the final fiscal ended March 31, 2021, after excise responsibility was raised to a document excessive.

Excise responsibility on petrol was hiked from Rs 19.98 per litre to Rs 32.9 final 12 months to recoup positive aspects arising from worldwide oil costs plunging to multi-year low because the pandemic gulped demand.

The identical on diesel was raised to Rs 31.8 from Rs 15.83 a litre.

The costs of petrol and diesel are market-determined with impact from June 26, 2010 and October 19, 2014, respectively. Since then, the general public sector oil advertising and marketing firms (OMCs) have been taking applicable choice on pricing of petrol and diesel on the premise of worldwide product costs and different market situations.

The OMCs have elevated and decreased the costs of petrol and diesel in response to adjustments in worldwide costs and rupee greenback trade charge, he mentioned.

“The federal government is making concerted efforts to boost sources for infrastructure and different developmental gadgets of expenditure, the main points of which have been introduced within the annual Budget.

“The excise responsibility charges on petrol and diesel have been calibrated to generate these sources retaining in view the prevailing fiscal scenario. VAT on petrol and diesel are levied by states,” he added.

Chaudhary was replying to a separate query on whether or not the federal government proposes to chop down excessive excise responsibility on petrol and diesel and whether or not it should proceed to extend excise responsibility and VAT on these merchandise.

https://economictimes.indiatimes.com/information/financial system/finance/excise-duty-rates-on-petrol-diesel-calibrated-to-generate-resources-for-infrastructure-development-finmin/articleshow/84585589.cms | Excise responsibility charges on petrol, diesel calibrated to generate sources for infrastructure growth: FinMin

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