• About Us
  • Add Post
  • Contact
  • Contribute For Us
  • Homepage
  • Our Authors
  • Privacy Policy
What's Hot

Twitter desires to cost manufacturers $1,000 monthly to be verified

February 7, 2023

Blackburn Rovers vs Wigan Athletic LIVE: Championship staff information and newest build-up

February 7, 2023

Here’s why everybody goes to need an iPhone 15 Ultra this fall

February 7, 2023
What's Hot

Twitter desires to cost manufacturers $1,000 monthly to be verified

February 7, 2023

Blackburn Rovers vs Wigan Athletic LIVE: Championship staff information and newest build-up

February 7, 2023

Here’s why everybody goes to need an iPhone 15 Ultra this fall

February 7, 2023
Facebook Twitter Instagram
  • About Us
  • Contact
  • Add Post
  • Contribute For Us
  • Privacy Policy
  • Our Authors
Facebook Twitter LinkedIn
BusinessLendBusinessLend
  • NEWS
  • BUSINESS
  • AUTO
  • TECH
  • MONEY
  • STARTUP
  • SUCCESS STORIES
  • OTHER
    • Press Release
    • OPINION
Subscribe
BusinessLendBusinessLend
Home»NEWS»When will the prices of petrol and diesel fall? CBIC chairman told
NEWS

When will the prices of petrol and diesel fall? CBIC chairman told

Bhagyashree SoniBy Bhagyashree SoniApril 14, 2021No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
When will the prices of petrol and diesel fall?  CBIC chairman told
Share
Facebook Twitter LinkedIn Pinterest Email

Direct tax collection on record petrol and diesel (Petrol-Diesel) was 59 percent higher on an annual basis in the financial year 2020-21, ending March 31.

When the time comes, the government will decide to cut excise duty on petrol and diesel.

Central Board of Direct Taxes (CBIC) chairman M Ajit Kumar said that the government would consider reducing the price of petrol and diesel by cutting taxes when the appropriate time comes. Direct tax collections from record excise duty on petrol and diesel (Petrol-Diesel) increased by 59 per cent year-on-year in the financial year 2020-21 ended March 31. Regarding giving information about tax data, he said, we hope that the revenue will be good in the coming months.

Kumar said, as far as the reduction in fuel prices is concerned, the government is constantly monitoring the matter and I am confident that whenever the time comes, a decision will be taken in this regard. He was asked whether the government was considering cutting excise duty on petrol and diesel to give relief to customers. However, he did not give detailed information about the appropriate time.

Government levies so much tax on petrol and diesel

Last year, the government had increased excise duty on petrol by Rs 13 per liter, while on diesel by Rs 16 per liter. The excise duty on petrol is now 32.90 rupees per liter. Petrol rate in Delhi is Rs 90.56 per liter and excise duty is 36 percent in it.

The excise duty on diesel is Rs 31.80 per liter and the excise duty is 39 per cent of its retail selling price of Rs 80.87 per liter. Adding the value added tax (VAT) of the states, the share of the total tax in the retail prices of these fuels is 55 to 60 per cent.

Petrol price crosses Rs 100 in some states

In the international market, due to the rise in the price of crude oil, in some parts of the country, Rajasthan, Maharashtra and Madhya Pradesh, the price of petrol reached Rs 100 per liter in February.

Although assembly elections were announced in five states, including West Bengal, Tamil Nadu and Kerala, the price hike was halted.

CBIC member (budget) Vivek Johri said that one reason for the 59.2 percent increase in excise duty collection is the increase in the petroleum tax rate. He said, if there is a deduction, the revenue collection from excise duty will be affected.

Last month, Petroleum Minister Dharmendra Pradhan said in Parliament that tax collection on petrol and diesel was Rs 52,537 crore in 2013, which increased to Rs 2.13 lakh crore in 2019-20. At the same time, it increased to Rs 2.94 lakh crore in the first 11 months of 2020-21.

CBIC did not separately provide data on excise duty collection on petrol and diesel in 2020-21.

read this also- New rule is applicable for buying and selling gold jewelery from June 1, understand the whole thing

read this also- Special FD Scheme: These banks are giving opportunity to earn more interest till June 30, know everything here

(With language input)

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Bhagyashree Soni
  • Facebook

Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

Related Posts

Two extra aircrafts with help to be despatched to Türkiye, following President Ilham Aliyev‘s directions

February 7, 2023

MFA shares particulars of terrorist assault on Azerbaijani Embassy in Iran (UPDATE)

February 6, 2023
Add A Comment

Comments are closed.

Advertisement
Editors Picks

Katie Swan places Great Britain in command of United Cup conflict with Spain

December 31, 2022

Proton Drive cellular app launches with encrypted cloud storage

December 7, 2022

Europe shouldn’t be complacent on vitality safety

November 9, 2022

Chevy, GMC, Buick, Cadillac Recall 740,000 Cars for Bad DRLs

December 14, 2022
Advertisement
Latest Posts

Twitter desires to cost manufacturers $1,000 monthly to be verified

February 7, 2023

Blackburn Rovers vs Wigan Athletic LIVE: Championship staff information and newest build-up

February 7, 2023

Here’s why everybody goes to need an iPhone 15 Ultra this fall

February 7, 2023

Business Lend is a platform which brings executives officers, entrepreneurs, and venture capitalist together from different sectors. We keep on connecting with our users with the help of our monthly edition carving our way slowly towards the highest readership.

Facebook Twitter Instagram LinkedIn
Must Read
  • Twitter desires to cost manufacturers $1,000 monthly to be verified February 7, 2023
  • Blackburn Rovers vs Wigan Athletic LIVE: Championship staff information and newest build-up February 7, 2023
  • Here’s why everybody goes to need an iPhone 15 Ultra this fall February 7, 2023

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2023 BusinessLend. Designed by ThemeSphere.
  • About Us
  • Contact
  • Add Post
  • Contribute For Us
  • Privacy Policy
  • Our Authors

Type above and press Enter to search. Press Esc to cancel.