It makes up for 39 percent of the retail selling price.
Together with state VAT, taxes make up for 55-60 percent price.
New Delhi: The government will look to reduce prices of petrol and diesel through a cut in taxes when the time comes, the head of the agency responsible for excise and other indirect tax collections said on Tuesday.
Record excise duty on petrol and diesel helped indirect tax collections rise by more than 59 per cent in the fiscal year ended March 31 (2020-21) when compared to the previous year. We are very hopeful that revenue in the coming months is going to be very strong, Central Board of Indirect Taxes and Customs (CBIC) Chairman M Ajit Kumar said over a video call with journalists to give out tax collection numbers.
India expects tax collections to grow despite surge in Covid-19 cases: Report
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Excise cut on petrol, diesel on cards, assures CBIC chief
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Indirect tax mop-up exceeds Revised Estimate by 9%
April 08, 2021
Govt hopeful of better days ahead; experts fear some bumps due to 2nd Covid wave
The Centre’s indirect tax collection during fiscal year 2020-21 (FY21) has exceeded not just the Revised Estimate but also actual collection of fiscal year 2019-20 (FY 20). However, experts feel that growth in collection may slow down a bit during FY21 on account of local lockdowns and curfew imposed by many States.
“March saw the highest indirect tax collection during the financial year (FY 21). We have exceeded last year’s actual by about 13 per cent and Revised Budget Estimates by about 9 per cent,” M Ajit Kumar, Chairman of Central Board of Indirect Taxes and Customs (CBIC), wrote in his weekly correspondence with all his officers and staff. “These are welcome signs of economic activity picking up in the country,” he said.