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With base price at just Rs 18, Indians now pay 275% in taxes to govt on every litre of petrol!

coastaldigest.com web desk
June 9, 2020

With the steep hike in excise duty in the past couple of months, an average consumer of petrol now pays over 275% in taxes to centre and states on a litre of the fuel.  The base price of petrol is just about Rs 18. The taxes are close to Rs 50 and the pump price is over Rs 72.

India imports 85% of all its crude oil demand.  After a steep hike in excise duty in the past two months despite a hold on daily price revisions by the oil public sector undertakings (PSUs), Indian consumers now pay 275% collectively in excise duty to state and centre. 

The central government hiked excise on petrol and diesel by Rs 10 and Rs 13 respectively last month. The excise duty on petrol is taxed around Rs 33-a-litre while the same on diesel it is Rs 32.

The Value-Added Tax (VAT) on both petrol and diesel is Rs 16.44 and Rs 16.26 respectively. Both the taxes together are around Rs 49 while it is sold at petrol pumps at 73-per-litre.

These two taxes cumulatively account for 69% of tax which is higher than anywhere else in the world. The same is taxed at 19% in the US, 47% in Japan, UK 62% and 63% in France. The government does not pass on the benefit of lower crude oil prices to the customer.

It is to be noted that Indian consumers continued to pay Rs 70-a-litre even when crude oil prices hit a paltry US $ 20-a-barrel on April 12.

Former finance minister and Congress leader recently took a jab at the Centre over rising prices stating, “Fuel selling prices raised twice in two days, following tax hikes two weeks ago. This time to benefit oil companies. Government is poor, it needs more taxes. Oil companies are poor, they need better prices. Only the poor and middle class are not poor, so they will pay”.

Comments

Lovely indian
 - 
Wednesday, 10 Jun 2020

Acche din for modi bakth....lets enjoy

 

you need only ram mandir and NRC

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March 24,2020

Bengaluru, Mar 24: Underlining the seriousness of the coronavirus, which is spreading like wildfire in Karnataka, renowned Heart Surgeon and founder of Narayana Hrudayalaya Dr Devi Shetty on Tuesday predicted that Karnataka alone will have more than 80,000 people affected with the dreaded killer disease COVID-19 if people fail to protect themselves.

He urged the people to cooperate with the Government in preventing its further spread and immediately treat those who are affected.

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He said if 80,000 people in the state were affected, more than 20,000 need to be admitted to Hospital for treatment.

"More than 2000 affected need to be kept under ventilation and it requires more infrastructure in the hospitals," he said.

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News Network
March 19,2020

Karwar, Mar 19: Four drug peddlers were arrested on Thursday and 2.68 Kg of brown sugar worth Rs 2 Crore was seized from them while they were smuggling the banned drug by road from Yellapura to Ankola.

Police identified the arrested persons as Narayan (35), Chandrahas Gunaga (29), Veerabhadra Hegade (43) and Praveen Bhat (30).

Police have registered a case and investigations are ongoing.

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News Network
April 4,2020

Bengaluru, Apr 4: Chief Minister BS Yediyurappa on Friday asked Primary and Secondary Education Minister S Suresh Kumar to be the government's spokesperson on the Novel Coronavirus crisis management effort, a move that is being seen as keeping too many cooks from spoiling the broth.

At a high-level meeting to review measures on COVID-19 containment, Mr Yediyurappa is said to have taken exception to his Cabinet colleagues making multiple, and often contradictory statements, leading to confusion.

''The CM has directed Mr Kumar to be the only one to brief the media on COVID-19,'' a source from the Chief Minister's Office (CMO) confirmed.

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