Petrol georgia natural gas logo Prices: Taxes On Petro Products Fetch Authorities Rs 2.67 Lakh Crore
BHOPAL: Crude oil costs in the worldwide market have come considerably down, but surprisingly the costs of petroleum products in India are on the rise, pinching the widespread man’s pocket. However then the place is the large money, being earned by a number of hikes in Synthetic Resin Equipment oblique taxes, going
Effectively, based on the government’s response to an RTI utility, even as the cash in the frequent man’s pockets appears to have developed wings, it is the federal government coffers which can be benefiting from the excessive costs of petroleum merchandise.
Throughout the monetary 12 months 2016-2017, the government earned a whopping Rs 2.67 lakh crore income on account of several increases in oblique taxes (Excise, Customs and import duties) on such merchandise.
In response to an RTI software, filed by social worker Chandrashekhar Gaur of Neemuch district in Madhya Pradesh, the Directorate Basic of System and Information Upkeep (DGSDM) supplied some information to counsel that in sharp distinction to the earnings of Rs 2.67 lakh crore in FY17, the income was only Rs 98,602 crore in FY13.
As Gaur had requested for the income accruing every year from 2012-thirteen till 2016-17, the data from DGSDM mentioned that in 2013-14, the earnings from indirect taxes on the petroleum products stood at Rs 104,163 crore, which rose to 122,926 in FY15 and went as much as Rs 203,825 lakh crore in 2015-sixteen.
In different words, government earnings from petroleum products increased thrice over a interval of 5 years, primarily on account of improve in oblique taxes on occasion.
In accordance with the data, whereas the income earned in 2012-13 from the sale of petrol was georgia natural gas logo Rs 23,710 crore and from diesel Rs 22,513 crore, in 2016-17, petrol and diesel fetched Rs sixty six,318 crore and Rs 124,266 crore income, respectively.
Going by the figures, earlier petrol was georgia natural gas logo the next revenue earner in comparison with diesel. But now, diesel is incomes the federal government income higher than petrol, as there’s a six-fold enhance within the revenue diesel is incomes now than it will in 2012-13.
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