Excise duty helps fill Centre’s fiscal gap
3 years, 6 months ago

Excise duty helps fill Centre’s fiscal gap

Live Mint  

Excise duty, mostly from petrol and diesel, helped the government bridge a major gap in its revenue in FY21, even as receipts from goods and services tax revenue moderated from the year before, according to official data. The sharp rise in excise duty receipts also helped boost overall tax collections. Excise collections’ share in the Centre’s gross tax revenue grew from 11.9% in FY20 to 19.2% in FY21, while that of Central GST moderated from 24.6% to 22.5% in the same period. The sharp increase in the contribution of excise duty on the Centre’s revenue recently became a matter of strain in Centre-state relations after Punjab finance minister Manpreet Singh Badal pointed out that a part of the excise duty is levied in the form of cess, which is not shared with states.

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History of this topic

Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance
1 month, 1 week ago

Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance

Deccan Chronicle  

New Delhi: About 70-75 per cent of GST revenues collected in 2023-24 fiscal year came from the 18 per cent slab, while just 5-6 per cent came from the 12 per cent bracket, Parliament was informed on Monday. The average GST rate has fallen below the revenue neutral rate of 15.3 per cent, prompting the need to start discussions on …

Punjab registers 63% jump in net GST collection: Harpal Singh Cheema
Trending News
1 month, 1 week ago

Punjab registers 63% jump in net GST collection: Harpal Singh Cheema

Hindustan Times  

Punjab finance, planning, excise and taxation minister Harpal Singh Cheema said on Sunday that the state witnessed 62.93% growth in net GST collection during November 2024 compared to the corresponding period last year. Punjab finance, planning, excise and taxation minister Harpal Singh Cheema said the total net collection from VAT, CST, GST, PSDT, and excise in November this year is …

Punjab sees 15% jump in tax revenue despite sluggish GST
5 months, 3 weeks ago

Punjab sees 15% jump in tax revenue despite sluggish GST

Hindustan Times  

Chandigarh : The Punjab government registered an increase of 15% year-on-year in its tax revenue in the first quarter of the financial year 2024-25. The Punjab government registered an increase of 15% year-on-year in its tax revenue in the first quarter of the financial year 2024-25 The impressive increase came on the back of improved state excise, sales tax and …

Punjab registers 22% jump in tax revenue
10 months, 3 weeks ago

Punjab registers 22% jump in tax revenue

Hindustan Times  

Chandigarh : Punjab registered a 22% year-on-year jump in tax revenue in first 10 months of the financial year 2023-24 due to robust demand and stricter compliance. Punjab registered a 22% year-on-year jump in tax revenue in first 10 months of the financial year 2023-24 due to robust demand and stricter compliance. The tax revenue stood at ₹53,617 crore in …

At ₹1,713 cr, Punjab’s GST collection sees a spike of 31%
1 year, 4 months ago

At ₹1,713 cr, Punjab’s GST collection sees a spike of 31%

Hindustan Times  

The goods and services tax collection in Punjab reported a 31% year-on-year jump in August 2023 due to robust growth in business activities and increased monitoring to plug revenue leakages. In the first five-month period, the GST revenues are 28.20% higher this year than the collection during the same period last year, rising to ₹ 8,524.17 crore from ₹ 6,648.49 …

Uttar Pradesh had the highest share in Centre’s FY22 excise revenue
2 years, 5 months ago

Uttar Pradesh had the highest share in Centre’s FY22 excise revenue

Live Mint  

NEW DELHI: The state of Uttar Pradesh received the biggest share of central government’s revenue collections from excise duty on petroleum products in FY22, followed by Bihar, West Bengal and Madhya Pradesh, as per official data. Uttar Pradesh received about ₹6,693 crore last fiscal from the Centre’s excise duty collection which was shared with states as per a formula prescribed …

Data Point | Explaining India’s recent fuel tax cuts
2 years, 7 months ago

Data Point | Explaining India’s recent fuel tax cuts

The Hindu  

It’s a relief that the Union government has cut the fuel tax. A look at the developments that preceded the recent excise duty cuts: After weeks of incremental increases in fuel prices, Union Finance Minister Nirmala Sitharaman announced that the Union government is slashing fuel taxes. Her point was that the cut of Rs 8 per litre came from the …

Petrol, Diesel Prices Drop After Excise Duty Cut: Know How Much Tax You Pay On Fuel Now
2 years, 7 months ago

Petrol, Diesel Prices Drop After Excise Duty Cut: Know How Much Tax You Pay On Fuel Now

News 18  

Though the Centre has cut the excise duty on petrol and diesel thus bringing down the retail prices of the fuels, states, except a few, have not yet followed the suit. Here’s the full break-up of taxes one pays on petrol and diesel: Following the excise duty cut, the price of petrol in Delhi on Tuesday stood at Rs 96.72 …

Petrol, Diesel Duty Cut: Govt May Need To Bridge Revenue Loss Fully Via Market Borrowings
2 years, 7 months ago

Petrol, Diesel Duty Cut: Govt May Need To Bridge Revenue Loss Fully Via Market Borrowings

News 18  

After the Centre cut excise duty on petrol and diesel reducing the fuel retail prices, the government may borrow the entire Rs 1 lakh crore that it will forgo as revenues due to the reduction in levies, according to a report. The government has cut excise duty on petrol by Rs 8 per litre and that on diesel by Rs …

Data | Will a cut in Centre’s excise duty on petrol reduce States’ sales tax revenue?
2 years, 7 months ago

Data | Will a cut in Centre’s excise duty on petrol reduce States’ sales tax revenue?

The Hindu  

A war of words has broken out between the Centre and the States regarding the Centre’s excise duty cut and its impact on the tax revenue of the States. Ad-valorem basis means that a State’s sales tax is based on the sum of the Centre’s excise duty, the base price of petrol and the dealer’s commission. Click to remove AMP …

Fuel price cut: Nirmala Sitharaman rebuts Opposition flak, says move does not impact states' tax share
2 years, 7 months ago

Fuel price cut: Nirmala Sitharaman rebuts Opposition flak, says move does not impact states' tax share

Firstpost  

This comes after former Union finance minister P Chidambaram and other Opposition leaders stated that the reduction in excise duty announced on Saturday evening would reduce the share of states in Central taxes New Delhi: Finance Minister Nirmala Sitharaman on Sunday rebutted the Opposition’s criticism of excise duty cut impacting share of states in central taxes, saying the Rs 8 …

Full Burden of Fuel Excise Duty Cut Is Borne By Centre, Says FM; Compares 2014-22 With 2004-14
2 years, 7 months ago

Full Burden of Fuel Excise Duty Cut Is Borne By Centre, Says FM; Compares 2014-22 With 2004-14

News 18  

Amid the Opposition alleging the central government of slashing excise duty that is shared by states and accusing it of duping people with a “jugglery of figures”, Finance Minister Nirmala Sitharaman on Sunday said the excise duty on petrol and diesel that has been deducted is not shareable with states. SAED,RIC & AIDC are non-sharable.” The finance minister added that …

TMC leader Saket Gokhale spreads misinformation on Excise rate cuts on petrol, diesel
2 years, 7 months ago

TMC leader Saket Gokhale spreads misinformation on Excise rate cuts on petrol, diesel

Op India  

On Sunday, Trinamool Congress leader Saket Gokhale took to Twitter to attack Finance Minister Nirmala Sitharaman on the cental government’s recent decision to reduce excise duty on petrol and diesel. According to Saket Gokhale, the states’ share 42 per cent of the fuel excise duty, and after yesterday’s cut, the states have to forego Rs.2.52/litre on petrol and Rs. However, …

Centre's Excise Duty Cut on Petrol, Diesel to Cost Rs 45,000 Cr to Exchequer: Report
3 years, 2 months ago

Centre's Excise Duty Cut on Petrol, Diesel to Cost Rs 45,000 Cr to Exchequer: Report

News 18  

The excise duty cuts on diesel and petrol will cost Rs 45,000 crore and lead to a 0.3 percentage point widening on the Centre's fiscal deficit, a foreign brokerage said on Thursday. Going by the overall consumption, the costs of the surprise move which came after months of concerns over high payouts at filling stations for the entire fiscal will …

No room for cut in excise duty on petrol, diesel due to oil bonds, says FM Sitharaman
3 years, 4 months ago

No room for cut in excise duty on petrol, diesel due to oil bonds, says FM Sitharaman

India TV News  

Finance Minister Nirmala Sitharaman on Monday ruled out a cut in excise duty on petrol and diesel to ease prices, which have touched an all-time high, saying payments in lieu of past subsidised fuel pose limitations. Instead of paying for the subsidy to bring parity between the artificially suppressed retail selling price and the cost that had soared because of …

Central Excise Duty on Petrol, Diesel & Their Tax Collection Jumped Manifold Since 2014: Data
3 years, 6 months ago

Central Excise Duty on Petrol, Diesel & Their Tax Collection Jumped Manifold Since 2014: Data

News 18  

The central excise duty on petrol and the tax collected by the central government on fuel has increased by more than three times since 2014-15, even as crude oil price dropped to nearly half during the same period, official data analysed by CNN-News18 showed. Currently, the central excise duty on petrol stands at Rs 32.9 per litre — an increase …

Indirect Tax Collection for FY 2020-21 Up 12%, Beats Revised Estimates
3 years, 9 months ago

Indirect Tax Collection for FY 2020-21 Up 12%, Beats Revised Estimates

News 18  

The net indirect tax collections in 2020-21 grew 12.3 per cent to Rs 10.71 lakh crore as compared to the previous fiscal year, thereby exceeding the target set in revised estimates, the finance ministry said on Tuesday. The net tax collections on account of central excise and service tax during 2020-21 stood at Rs 3.91 lakh crore as compared to …

Govt to gain Rs 1.6 lakh cr additional revenues this fiscal from record excise duty hike on petrol, diesel
4 years, 8 months ago

Govt to gain Rs 1.6 lakh cr additional revenues this fiscal from record excise duty hike on petrol, diesel

Firstpost  

The cash-strapped government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record increase in excise duty on petrol and diesel, that will help make up for revenue it lost in a slowing economy and shutting down of businesses due to coronavirus lockdown New Delhi: The cash-strapped government will gain close to Rs 1.6 …

As states’ income dries up, alcohol sales offer relief
4 years, 8 months ago

As states’ income dries up, alcohol sales offer relief

Live Mint  

Images of long queues outside liquor shops with people not practising social distancing have surfaced as the country entered the third phase of the lockdown to tackle the covid-19 pandemic. Excise duty is an indirect tax levied by the government on goods manufactured within India, and compares with custom duty, which is levied on imported items. Besides excise, states such …

Govt tables notifications on excise duty, road cess rise on petrol, diesel
4 years, 9 months ago

Govt tables notifications on excise duty, road cess rise on petrol, diesel

India TV News  

Minister of State for Finance Anurag Singh Thakur on Monday tabled two notifications relating to increase in excise duty and road cess on petrol and diesel by Rs 3 per litre, amidst uproar by opposition in Lok Sabha. Thakur placed before the House the notifications dated March 13, 2020 seeking to raise special additional excise duty on petrol by Rs …

GST: For a fair share for the States
5 years, 3 months ago

GST: For a fair share for the States

The Hindu  

No State has ever been satisfied with the Finance Commission’s awards either on the aggregate States’ share in the Central tax revenue or on the inter se distribution formula—the two purposes for which Finance Commissions are constituted every five years. However, in recent times, Finance Commissions have been successively increasing the aggregate States’ share in the Central tax revenue, thus …

Petrol cheaper than diesel, selling at 9 per cent higher price
5 years, 6 months ago

Petrol cheaper than diesel, selling at 9 per cent higher price

India Today  

The consumer is paying almost double the price of petrol than its actual base price. According to Indian Oil Corporation data, the actual base price of petrol is Rs 33.91 per litre while the retail price for common man is Rs 72.96 per litre. From the central government's excise duty to state's value-added tax, both are competing to widen this …

Petrol and Diesel Budget 2019: Cess on petrol, diesel hiked by Re 1 per litre; customs duty on gold increased
5 years, 6 months ago

Petrol and Diesel Budget 2019: Cess on petrol, diesel hiked by Re 1 per litre; customs duty on gold increased

Firstpost  

Sitharaman proposed to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel. New Delhi: Finance Minister Nirmala Sitharaman on Friday proposed to raise cess on petrol and diesel by Re 1 per litre, while customs duty on gold was also increased to 12.5 percent from existing 10 percent. …

Indirect tax collections in FY’19 may fall short by Rs90,000 crore: Report
6 years, 1 month ago

Indirect tax collections in FY’19 may fall short by Rs90,000 crore: Report

Live Mint  

New Delhi: Indirect tax collections are likely to fall short by Rs90,000 crore in the current fiscal on account of subdued GST mop-up and excise duty cut on petroleum products, an SBI research report said on Thursday. “We expect a shortfall of around Rs90,000 crore in GST and excise collections, out of which Rs10,500 crore is on account of reduction …

Centre increased excise duty on petrol, diesel 12 times, says Congress
6 years, 4 months ago

Centre increased excise duty on petrol, diesel 12 times, says Congress

Deccan Chronicle  

Ahmedabad/Rajkot: Congress leaders Sunday urged the people of Gujarat to make Monday's Bharat Bandh a success and accused the centre of revising excise duty on petrol and diesel twelve times leading to a sharp spike in their prices. The BJP-led Union government pocketed Rs 11 lakh crore from the public by raising taxes on fuel and not including petrol and …

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