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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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News Network
February 24,2020

Belgaum, Feb 24: Around 20 people entered a boys' hostel premises in Karnataka's Belgaum with rods and bats and destroyed properties allegedly over ragging of a girl by two hostel residents.

The incident took place on February 23 and was captured in the CCTV camera.

According to Belgaum Police, a gang of 20 people entered Dr BR Ambedkar post metric hostel premises in Belgaum with rods and bats. The group destroyed the properties of hostel, bikes, and scooters.

Police said this is an issue of ragging and during the incident, no students were injured.

Further, the investigation is underway.

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News Network
April 6,2020
Mangaluru, Apr 6: Agricultural produce vendors have decided to hold an indefinite strike from Monday here in city's Central Market.
 
This move comes in response to district administration’s order asking them to shift to the APMC yard at Baikampady and not heeding to their appeal to allow them to operate from the Market and other areas in the city.
 
The district administration has decided to shift the vendors in order to prevent crowding in the market and maintain social distancing norms.

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News Network
February 9,2020

Tumkur, Feb 9: A special puja was performed at the Durga Parameshwari temple and the Shaneshwara temple in Karnataka's Rangana Halli village to save people from coronavirus.

Yashwanth Shastri, a priest, said: "We performed this special puja on Friday to save the world from virus and diseases like corona and H1N1."

"Our ancestors used to perform a special puja for the betterment of society and save the world from viruses when they attacked," he said.

Coronavirus originated in China's Wuhan city in December last year and has since spread to various cities around the world.

The World Health Organisation (WHO) has declared the coronavirus outbreak as a global health crisis.

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