Petrol and diesel will soon be cheap. It is reported that the Finance Ministry is planning to reduce excise duty on both of them. However, there has been no increase in the prices of petrol and diesel for the last three days.
Prices may decrease till 15 March
It is reported that a decision can be taken to reduce the tax by 15 March. According to government sources, it will be decided soon. In the last 10 months, the price of crude oil has doubled. Similarly, the price of petrol and diesel in the country is currently above the average of 92 rupees and 86 rupees. In some cities, petrol is beyond 100 rupees. In such a situation, the government can reduce excise duty due to increasing pressure from all around.
Centers levy excise duty and state VAT
The central government levies excise duty on petrol and diesel, while state governments levy VAT. In the last two to three days, government officials and corporate have demanded to reduce the tax. A few days ago, MP Subramanian Swamy criticized it by saying that Ram's petrol in India is 93 rupees while Ravana's rupee is 51 rupees in Lanka and Sita's rupees 53 in Nepal.
Petroleum should be brought to GST
On Monday, the government's Chief Economic Advisor KV Subramaniam said that the petroleum product should be brought to the GST. Petrol and diesel prices in India are double taxed. The central government has increased excise duty twice in the last 12 months. The government is focusing on increasing revenue itself rather than giving people the benefit of falling crude oil prices.
Discussions are being held with the states
The finance ministry is also discussing with some states to reduce the tax. However, several states including Punjab, Bengal, and Assam have recently reduced taxes on petroleum products. Assembly elections are coming in these states. The central government feels that higher prices of petroleum products may work against them in elections. Finance Minister Nirmala Sitharaman recently said that we cannot say how long the tax will come down, but we are talking to the states about it.
5.56 Lakh Crore Revenue Received
In the financial year ended 31 March 2020, the central and state government had generated revenue of Rs 5.56 lakh crore from the petroleum sector. While between April and December 2020, revenue of 4.21 lakh crore rupees has been achieved. This has happened when the demand for petroleum was low.
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