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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News Network
May 1,2020

Bengaluru, May 1: Former underworld don and real-estate baron Muthappa Rai was admitted to Manipal hospital in Bengaluru on Thursday.

As per sources, Muttappa Rai’s condition is said to be serious.

Muthappa Rai was diagnosed with brain cancer two years ago and had undergone treatment at hospitals in New Delhi, Chennai and Bengaluru.

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News Network
January 6,2020

Jan 6: A Thane resident lost a little over Rs 1 lakh in an online fraud involving popular payment gateways, police said on Saturday. The complainant, a resident of Patlipada, wanted to sell his furniture and posted an ad on Facebook on December 21, an official said.

On December 24, he received a call from one Rajendra Sharma who offered to buy the furniture and wanted to transfer the amount through payment gateways — Paytm and Google Pay, he said.

However, instead of the money getting credited to his account, the complainant found that Rs 1.01 lakh were debited from him during three transactions on two payment gateways, the official said.

The complainant realised that he had been cheated when the accused assured that he would return the money and asked him for another account number, he added.

An offense has been registered against the unidentified accused under section 420 (cheating) of the Indian Penal Code and Information Technology Act and further investigations are underway, he said.

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coastaldigest.com news network
February 18,2020

Mangaluru, Feb 18: Within days after Kambala racer Srinivasa Gowda emerged a national hero, another Kambala racer Nishant Shetty has grabbed headlines. 

Nishant Shetty from Bajagoli Jogibettu reportedly broke Gowda’s record at the Venoor Kambala on Sunday. Shetty recorded 143m in 13.68 seconds. If calculated for 100m he clocks it in 9.51 seconds. His speed is faster than Gowda who clocked 9.55 seconds.

According to Kambala organisers, with Shetty’s feat, four participants have joined the elite club of racers who have completed the 100 metres in less than ten seconds.

They are Iruvathur Anand (9.57 secs), Akkeri Suresh Shetty (9.57 secs), Srinivas Gowda (9.55 secs) and Nishant Shetty (9.51 secs). Anand and Suresh Shetty had participated in the same Venoor Kambala where Nishant emerged first.

Kambala is an annual race held in Karnataka where people sprint 143m through paddy fields with the buffaloes. During the race, the racers try to bring the buffaloes under control by holding their reins tight and beating them, making it amply clear that the animal plays an equally important role in achieving the timing. Traditionally, it is sponsored by local Tuluva landlords and households in the coastal districts of Dakshina Kannada and Udupi.

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