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Government Is Getting Huge Revenue From Petrol And Diesel

Government is getting huge revenue from petrol and diesel, will the budget decide to reduce the burden on customers.

Petrol and diesel prices have reached their highest levels. On Wednesday, the price of premium petrol crossed Rs 100 per liter in Sriganganagar, Rajasthan.

On Wednesday, the price of normal petrol in Delhi reached Rs 86.30 per liter and diesel prices reached Rs 76.48 per liter.

Petrol price in Mumbai was Rs 92.86 per liter. In the last 20 days, the price of petrol in Delhi has increased by Rs 2.60 per liter. On April 1 last year, the price of petrol in Delhi was Rs 69.69 per liter.

That is, in the first nine months of the current financial year, the price of petrol has increased by more than 20 percent.

In such a situation, before the budget, the eyes on the central government have been fixed, but at present, the possibility of any relief is less.

The main reason for this is that petrol and diesel remain the main sources of revenue of the government during the Corona period.

Excise duty has increased by 48 percent in April-November in the current financial year compared to the same period in the previous fiscal year, while all other types of revenue collection declined during the Corona period.

According to government figures, the central government received Rs 1,96,342 crore from the excise duty of petrol and diesel in April-November 2020, while in April-November, 2019 it received Rs 1,32,899 crore excise duty.

If the government cuts excise duty, the government’s revenue will be reduced further, which will affect the fiscal deficit.

Currently, the Central Government gets Rs 32.98 as excise duty on the sale of one liter of petrol. At the same time, the government gets Rs 31.83 on the sale of one liter of diesel.

States are also charging heavy VAT

The financial condition of the states is also bad during the Corona period, so states are not taking the initiative to cut VAT. States charge VAT between 16 and 38 percent on petrol and diesel.

VAT on petrol in Delhi and 16.75 percent on diesel is levied. In Rajasthan, VAT is 28 percent on diesel and 38 percent on petrol.

In Punjab, VAT is 25 percent on petrol and 15.94 percent on diesel. Petrol in Uttar Pradesh attracts 26.80 percent and 17.48 percent VAT.

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