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 international rates crossing USD 100 per barrel, the then government issued oil bonds totalling Rs 1.34 lakh crore to the state-fuel retailers. Sitharaman, who had raised excise duty on petrol and diesel to record high to shore up revenue collections last year, said the interest on oil bonds paid in the last seven years totalled Rs 70,195.72 crore. Excise duty on petrol was hiked from Rs 19.98 per litre to Rs 32.9 last year to recoup gain arising from international oil prices plunging to multi-year low as pandemic gulped demand. Minister of State for Petroleum and Natural Gas Rameswar Teli had last month told Parliament that the Union government's tax collections on petrol and diesel jumped by 88 per cent to Rs 3.35 lakh crore in the year to March 31 from Rs 1.78 lakh crore a year back.

Oil Duty Prices Crore Lakh Sitharaman Petrol Diesel Bonds Excise Excise Duty International Oil Prices Oil Bonds  excise  lakh  bonds  petrol  fm  oil  duty  crore  prices  rs  cut  sitharaman  diesel  room

History of this topic

Petroleum ministry recommends GST on natural gas
1 month, 2 weeks ago

Petroleum ministry recommends GST on natural gas

Live Mint  

The petroleum and natural gas ministry has recommended the inclusion of natural gas in the goods and services tax framework to the finance ministry, an official aware of the development said on Thursday. The petroleum ministry favours including natural gas in GST as it will make the taxation of the product more efficient, benefitting user industries like fertilizers and steel. …

A fresh start: On the Goods and Services Tax Council meet
6 months, 2 weeks ago

A fresh start: On the Goods and Services Tax Council meet

The Hindu  

The Goods and Services Tax Council was convened last week for the first time in nearly nine months. Apart from several industry-specific measures, a few of which will kick in with retrospective effect, the Council also opted to waive interest and penalty on tax dues for the first three years of GST, provided they are paid by March 2025. Beyond …

Will petrol and diesel come under GST? Nirmala Sitharaman replies
6 months, 3 weeks ago

Will petrol and diesel come under GST? Nirmala Sitharaman replies

Hindustan Times  

Union finance minister Nirmala Sitharaman said that the Centre wants to include petrol and diesel within Goods and Services Tax and it is upto states to decide. Union finance minister Nirmala Sitharaman addresses a press conference after the 53rd GST Council Meeting, at the National Media Center in New Delhi on Saturday. “.At the moment, the intention of the GST …

Petroleum products under GST framework if states agree: Nirmala
1 year, 10 months ago

Petroleum products under GST framework if states agree: Nirmala

Deccan Chronicle  

New Delhi: Finance minister Nirmala Sitharaman on Wednesday said that petroleum products can be included in the Goods and Services Tax framework once an agreement in this regard is reached among states. The minister said that the government in the 2023-24 budget increased the capital expenditure by 33 per cent to Rs 10 lakh crore. "This is the first time …

Petrol will be brought under GST once states agree: FM
1 year, 10 months ago

Petrol will be brought under GST once states agree: FM

Live Mint  

New Delhi: Once states make up their mind on the timing of including crude oil and select petroleum products into Goods and Services Tax and determine a tax rate, these will be subsumed into the new indirect tax system, Finance Minister Nirmala Sitharaman said at an event. In response to a question on the roadmap for bringing petroleum and select …

Govt to review new taxes levied on crude, diesel, ATF every fortnight, says Nirmala Sitharaman
2 years, 6 months ago

Govt to review new taxes levied on crude, diesel, ATF every fortnight, says Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman on Friday said the government will review every fortnight the new taxes levied on crude, diesel and ATF based on international prices. "We do not want to discourage export, but want domestic availability to increase," Ms. Sitharaman told reporters in New Delhi. The government on Friday slapped an export tax on petrol, diesel and jet fuel …

GST Council meet: No decision on extending compensation regime to states
2 years, 6 months ago

GST Council meet: No decision on extending compensation regime to states

India TV News  

Highlights All states sought an extension of the compensation on GST, but no decision has been taken A final decision is likely to be taken at the next meeting of the council in August A group of ministers have been asked to further deliberate on the tax rate GST Council Meet: The GST Council on Wednesday took no decision on …

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 …

Govt believes in lowering taxes, says FM Sitharaman amid fuel price hike
2 years, 9 months ago

Govt believes in lowering taxes, says FM Sitharaman amid fuel price hike

Live Mint  

Finance Minister Nirmala Sitharaman on Friday rejected opposition allegations against the government over the rise in fuel prices and said that the ruling alliance believes "in lowering the taxes and bringing less burden on common people," as per news agency ANI report. Additionally, the Finance Minister referred to the Russia-Ukraine conflict and said when former Prime Minister Jawaharlal Nehru's claim …

Fuel prices see further dip in these states as BJP and its allies cut costs of petrol by Rs 8, diesel by Rs 9
3 years, 2 months ago

Fuel prices see further dip in these states as BJP and its allies cut costs of petrol by Rs 8, diesel by Rs 9

Firstpost  

After duty changes, the costliest petrol and diesel is sold in Rajasthan at Rs 111.10 and Rs 95.71 a litre respectively New Delhi: Petrol price has been further reduced by as much as Rs 8.7 per litre and diesel by Rs 9.52 in BJP ruled states and UTs — from Ladakh to Puducherry — as they matched the central government’s …

Petrol, diesel price cut across country as Centre cuts excise duty, states reduce VAT. Details
3 years, 2 months ago

Petrol, diesel price cut across country as Centre cuts excise duty, states reduce VAT. Details

India TV News  

After Centre cut excise duty followed by several states reducing VAT, petrol price on Thursday was cut in the range of Rs 5.7 to Rs 6.35 per litre across the country and diesel rates by Rs 11.16 to Rs 12.88 as oil companies passed on a record reduction in excise duty rates to consumers. In Delhi, the reduction in petrol …

Cracking News: On eve of Diwali, Centre cuts excise duty on petrol by Rs 5, diesel Rs 10
3 years, 2 months ago

Cracking News: On eve of Diwali, Centre cuts excise duty on petrol by Rs 5, diesel Rs 10

Firstpost  

The release said that states have also been urged to reduce VAT on petrol and diesel to give relief to consumers In a relief to consumers on the eve of Diwali, the Central Government on Wednesday announced a reduction in excise duty on petrol and diesel by Rs 5 and 10 respectively. Govt of India has taken a significant decision …

Central govt slashes excise duty on petrol and diesel by Rs 5 and Rs 10
3 years, 2 months ago

Central govt slashes excise duty on petrol and diesel by Rs 5 and Rs 10

Op India  

Giving some relief to the common man on the eve of Diwali, the central govt had decided to reduce the excise duty on petrol and diesel, which will lead to a cut in the price of both fuels. The Government of India has announced that the excise duty on petrol will be reduced by Rs 5, and the excise duty …

Likely revenue loss cited for keeping fuel out of GST
3 years, 3 months ago

Likely revenue loss cited for keeping fuel out of GST

The Hindu  

The likelihood of revenue loss and the convenient way of tax administration on petrol and diesel are the major concerns of States, including Tamil Nadu, in resisting the move to bring in petroleum products under the ambit of the Goods and Services Tax, according to experts. As far as Tamil Nadu is concerned, the revenue from levying Value Added Tax …

Explained | Why has the GST Council decided to keep fuels outside the ambit of the tax regime for now?
3 years, 3 months ago

Explained | Why has the GST Council decided to keep fuels outside the ambit of the tax regime for now?

The Hindu  

September 22, 2021 01:51 pm | Updated September 25, 2021 11:03 pm IST The story so far: The Goods and Services Tax Council last week decided to let petrol and diesel remain out of the ambit of the GST, at least for now. Fuel taxes were projected to contribute almost ₹6 lakh crore to the Central and State exchequers combined …

GST Council not for inclusion of petroleum products: Finance Minister
3 years, 3 months ago

GST Council not for inclusion of petroleum products: Finance Minister

The Hindu  

The Goods and Services Tax Council has decided to keep petroleum products out of the GST regime, while consumers will have to keep paying the Compensation Cess levied on products like automobiles till March 2026 instead of July 2022 as originally envisaged at the time of rolling out the indirect tax regime. Union Finance and Corporate Affairs Minister Nirmala Sitharaman, …

GST Council may consider bringing petrol, diesel under GST as fuel prices go north
3 years, 4 months ago

GST Council may consider bringing petrol, diesel under GST as fuel prices go north

Firstpost  

New Delhi: The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both Central and state governments on the revenues they collect from taxing these products. In June, the Kerala High Court, based on a writ petition, had asked the GST Council …

No cut in excise duty on petrol, diesel for now; have to pay for past oil bonds: FM Sitharaman
3 years, 4 months ago

No cut in excise duty on petrol, diesel for now; have to pay for past oil bonds: FM Sitharaman

Live Mint  

Finance Minister Nirmala Sitharaman on Monday said that there will be no cut in excise duty on fuel as of now. She said the previous UPA government had reduced fuel prices by issuing Oil Bonds of ₹1.44 lakh crore. Of the ₹1.34 lakh crore of oil bonds, only ₹3,500 crore of principal has been paid and the remaining ₹1.3 lakh …

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 …

GST Council May Consider Inclusion of Petrol, Diesel At An 'Appropriate Time': Nirmala Sitharaman in Lok Sabha
3 years, 10 months ago

GST Council May Consider Inclusion of Petrol, Diesel At An 'Appropriate Time': Nirmala Sitharaman in Lok Sabha

News 18  

Amid record-high fuel prices, Finance Minister Nirmala Sitharaman on Monday said there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel and natural gas under the Goods and Services Tax. “At present, there is no proposal to bring crude petroleum, petrol, diesel, ATF and natural gas under GST,” Sitharaman said in a written reply to …

GST faces challenge to meet higher revenue expectations
4 years, 6 months ago

GST faces challenge to meet higher revenue expectations

Hindustan Times  

The Goods and Services Tax was passed in a joint session of parliament on 1 July, 2017. This change was expected to cut red tape, facilitate movement of goods and services across state borders and widen the tax base by bringing erstwhile evaders into the system via the input tax credit radar. The Goods and Services Tax was passed in …

Oil Ministry pitches for inclusion of natural gas in GST
4 years, 11 months ago

Oil Ministry pitches for inclusion of natural gas in GST

The Hindu  

Ahead of the Union Budget, the Oil Ministry has made a renewed pitch for inclusion of natural gas in the ambit of GST to promote the use of the environment-friendly fuel by reducing multiplicity of taxes and improving business climate. If brought under GST, natural gas will attract a uniform rate of tax at the consumption point anywhere in the …

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 …

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 …

'Petrol, diesel prices not discussed in GST Council meet'
6 years, 3 months ago

'Petrol, diesel prices not discussed in GST Council meet'

India TV News  

Amid questions whether the government was considering to bring down the prices of petrol and diesel, Finance Minister Arun Jaitley said the issue was "not in the agenda" of the GST council meeting today. "It was not in the agenda," the finance minister said at a media briefing to a question on whether the government was considering any relief measure …

Govt rules out excise duty cut as petrol, diesel prices hit fresh high
6 years, 4 months ago

Govt rules out excise duty cut as petrol, diesel prices hit fresh high

India TV News  

A cut in taxes on petrol and diesel is ruled out for now as neither the central government nor some states have the appetite to stomach revenue loss from such a move, a top government official said Monday. Prices in Delhi, where rates are the cheapest among all metros and most state capitals because of lower VAT, saw petrol touch …

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 …

In chart: The tax break-up for a litre of petrol
6 years, 4 months ago

In chart: The tax break-up for a litre of petrol

Live Mint  

On 4 September, a consumer paid ₹ 79.31 to buy a litre of petrol and ₹ 71.34 for a litre of diesel at an Indian Oil petrol pump in New Delhi. While Indian charges the petrol pump dealer ₹ 39 for that litre of petrol, it itself pays ₹ 19 as excise duty to the central government. On Tuesday, the …

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