Excise Duty Collections On Fuel Products Rose 33% In First Half of 2021-22

Excise responsibility collections on gasoline merchandise have risen over previous two years

Excise responsibility assortment from petroleum merchandise rose 33 per cent within the first half of the present fiscal, at the same time as petrol costs proceed to surge and create new data whereas denting the widespread man.

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The quantum of improve in collections of excise responsibility on gasoline merchandise will be gauged from the truth that 33 per cent progress was in comparison with the identical interval of final 12 months and was 79 per cent greater than the pre-Coronavirus ranges.

As per the information made obtainable by the Controller General of Accounts (GCA), excise collections on gasoline merchandise throughout April-September 2021 rose to over Rs 1.71 lakh crore from Rs 1.28 lakh crore collected in the identical interval of the earlier fiscal.

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The excise responsibility collections throughout April-September 2019 have been Rs 95,930 crore. Compared to this determine, the Rs 1.71 lakh crore mop-up for April-September 2021 was 79 per cent.

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During the whole 2020-21 fiscal, excise collections have been Rs 3.89 lakh crore and in 2019-20, they have been at Rs 2.39 lakh crore, the information confirmed.

After the introduction of the Goods and Services Tax (GST) regime, excise responsibility is levied solely on petrol, diesel, aviation turbine gasoline (ATF) and pure gasoline. Barring these merchandise, all different items and companies are underneath the GST regime.