Excise on petrol, diesel gives govt Rs 94,181 crore in 3 months, Rs 3.35 lakh crore in FY21

News Network
July 19, 2021

New Delhi, July 19: The Union government has collected Rs 94,181 crore through levy of excise duty on petrol and diesel in the first three months of the current fiscal on the back of a record tax on fuel that yielded 88 per cent higher revenue than the previous financial year, the Lok Sabha was informed on Monday.

Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand.

The same on diesel was raised to Rs 31.8 from Rs 15.83 a litre, according to a written reply by Minister of State for Petroleum and Natural Gas Rameswar Teli in the Lok Sabha.

This led to excise collections on petrol and diesel jumping to Rs 3.35 lakh crore in 2020-21 (April 2020 to March 2021), from Rs 1.78 lakh crore a year ago, he said.

Collections would have been higher but for fuel sales falling due to lockdown and other restrictions imposed to curb the spread of the coronavirus pandemic, which muted economic activity and stalled mobility.

In the current fiscal starting April, where fuel sales were higher than the previous year, the collections have gone up.

"The total central excise duty collected on petrol and diesel from April to June 2021 (first quarter of FY22) is about Rs 94,181 crore," Minister of State for Finance Pankaj Choudhary said in reply to a separate question.

In 2018-19, excise collections on petrol and diesel were Rs 2.13 lakh crore.

Together with excise on other petro products such as ATF and natural gas, the total excise collections in April-June this year stood at Rs 1.01 lakh crore.

The total excise collection in FY21 was Rs 3.89 lakh crore. 

Choudhary said the average share of central excise duty on petroleum products in gross revenue collected by the Union government is 12 per cent.

"Prices of petrol and diesel are market-determined with effect from June 26, 2010, and October 19, 2014, respectively," Teli said.

Since then, the Public Sector Oil Marketing Companies (OMCs) have been taking appropriate decisions on the pricing of petrol and diesel on the basis of international product prices and other market conditions.

"The OMCs have increased and decreased the prices of petrol and diesel according to changes in international prices and rupee-dollar exchange rate," he said, adding that "effective June 16, 2017, daily pricing of petrol and diesel has been implemented in the entire country."

The hike in taxes last year did not result in any revision in retail prices as they got adjusted against the reduction that was warranted because of the fall in international oil prices.

 But with the demand returning, international oil prices have soared, which have translated to record high petrol and diesel prices across the country. More than one-and-a-half dozen states and union territories have petrol at over Rs 100-a-litre and diesel is above that level in Rajasthan, Madhya Pradesh and Odisha.

Teli said prices vary from state to state due to freight rates and VAT/local levies.

"The impact of the increase in prices of petrol and diesel can be seen in their impact on inflationary trend measured by Wholesale Price Index (WPI)," he said. "The weightage of petrol, diesel and LPG in the WPI index is 1.60 per cent, 3.10 per cent and 0.64 per cent respectively."

He said during the current fiscal 2021-22, petrol price has been increased on 39 occasions and diesel on 36. The price of petrol has been cut on one occasion during this period and that of diesel on two occasions.

There was no change in the remaining days.

In the previous 2020-21, petrol price was hiked on 76 occasions and cut on 10, while diesel rates went up 73 times and were reduced on 24 occasions, his reply showed.

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News Network
September 3,2021

Bengaluru, Sept 3: Karnataka’s Youth Empowerment and Sports Minister KC Narayana Gowda today claimed that there was “no real problem” citizens faced with rising fuel and cooking gas cylinder prices.

“Everybody knows why the prices are rising. But, there’s politics taking place on this. Real gas users aren’t on the streets. Politicians are on the streets to do their political drama. Nobody is really facing a problem. This is a political conspiracy. There’s no real problem,” Gowda told reporters.

Gowda’s statement came at a time when the ruling BJP is on the defensive over the hike in the price of domestic liquified petroleum gas (LPG) cylinders.

“Who gave gas to every household? It is PM Modi who gave facilities for women who were suffering from burning eyes and noses,” Gowda said. “Petrol and gas [prices] are flexible. They go up and down at once. This happened under the Congress’ rule also. It’s temporary,” he said.

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News Network
September 10,2021

Ghaziabad, Sept 10: Journalist Rana Ayyub has been booked by the Ghaziabad police on charges of money laundering and misappropriating donations meant for Covid patients and flood victims in some eastern states.

Other charges that journalist Ayyub faces are the criminal breach of trust and cheating by using computer resources under the Information Technology Act.

The FIR was lodged earlier this week on Tuesday on the complaint of Vikas Pandey, founder of an NGO “Hindu IT Cell.”

The police will take further legal action against the journalist only after investigating the case and finding evidence against her, city Superintendent of Police Gyanendra Singh said.

Ayyub’s name also figures in a recent case of circulation of a video in which a 72-year-old Bulandshahr resident had accused four men of beating him up and chopping his beard to force him to chant Jai Shri Ram.

The Ghaziabad police had, however, later found that the communal allegations made by the elderly Muslim man were false and he had made them on the instigation of a Samajwadi Party worker.

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IKKU
 - 
Sunday, 12 Sep 2021

WHAT ABOUT OTHER TOP BRASS FROM BJP WHO HAD NEVER GIVEN SINGLE RS. STATEMENT OF THE FUNDS COLLECTED FOR COVID SINCE BEGINNING... WHAT POLICE DONT DARE TO FILE CASE ON THEM......

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News Network
September 16,2021

bihar.jpg

Patna, Sept 16: People of Bihar are surprised over crores of rupees being credited in the bank accounts of two children.

The incident appeared in Katihar district where two class 6 students, Ashish Kumar and Gurucharan Biswas received Rs 6,20,11,100 and Rs 90,52,21,223 in their bank accounts on September 15 respectively.

Both the children are native of Pastia village in Bagahura Panchayat. They have bank accounts in Uttar Bihar Gramin Bank.

Udayan Mishra, the district magistrate of Katihar also confirmed that the children have received hefty amount.

"Big amounts were credited in the accounts of two children. The amount can be seen in the mini statements. The senior officials of the bank are being informed," Mishra said.

"As soon as we learnt about the money being credited in the accounts of two children, we have put the accounts on freeze and stopped withdrawal. When inquired with the parents of the children, they were also unable to reveal the source of the fund. Now, we are investigating the matter to find out who is the sender," said M.K. Madhukar, the LDM of Uttar Bihar Gramin Bank.

Earlier, a person named Ranjit Das of Bihar's Khagaria district also received Rs 5.5 lakh in his Uttar Bihar Gramin Bank account.

Das refused to return the money to the bank claiming that Prime Minister Narendra Modi had promised every citizen to give Rs 15 lakh in their bank accounts. He said he has received first instalment of it.

Das further said that he had withdrawn the money from the account and spent it. Now he has no money. After he showed inability to return the amount, bank officials lodged an FIR against Das and he was arrested by Khagaria police. Now, he is lodged in jail.

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