In our country, about 60 percent of the retail price of petrol (Petrol Price) is due to the taxes of the central and states. At the same time, about 56 percent of the retail price of diesel is from the taxes of the central and states
Petrol price reduced by Rs 7.40 per liter in this state
The rising prices of petrol and diesel are troubling the general public and the central and state governments. First Finance Minister and then Petroleum Minister Dharmendra Pradhan told what can happen on the reduction in prices of petrol and diesel. For the past two days, the prices of petrol and diesel are stable, but there are some states in the country where petrol prices reached Rs 100 per liter. At the same time, there have been four such states in the country where governments have started giving relief to the general public by cutting VAT and other taxes.
State governments in West Bengal, Assam, Rajasthan and Meghalaya have announced a reduction in VAT on petrol-diesel. The Rajasthan government had reduced the VAT rate from 38 percent to 36 percent last month itself. Now after looking at the elections, the West Bengal government has cut the VAT on petrol and diesel by 1 rupee. At the same time, the Assam government has also removed tax of 5 rupees levied under Kovid.
7.40 deduction of Rs.
Meghalaya has become the state to cut the prices of petrol and diesel the most. The Meghalaya government has cut petrol by Rs 7.40 per liter and diesel by Rs 7.10. Apart from this, the government has also reduced VAT on petrol and diesel by 2 rupees. After this, Meghalaya has become the state to cut the most on petrol and diesel .. The Central Government has not reduced the excise duty for the last two months. During the lockdown, excise duty of Rs 13 was imposed on petrol and Rs 16 on diesel during March to May.
60% tax in oil prices
In our country, about 60 percent of the retail price of petrol is from the taxes of the central and states. In the last few days, retail prices of petrol have reached above Rs 100 per liter in some places in Rajasthan and Madhya Pradesh. Similarly, about 56 percent of the retail price of diesel is from the taxes of the central and states. In 2020, when Corona arrived, activities were closed due to the lockdown and there was a historic decline in demand for petrol diesel. Due to this, the price of crude oil reached 16 dollars.
Excise duty rises by 48 percent
The result of increasing excise duty on petrol and diesel is that the excise duty collection has increased by 48 percent in the financial year 2020-21. After coming to power in 2014, there has been a historic increase in tax collection on petrol and diesel in the Modi government. According to the report of the Controller General of Accounts i.e. CGA, the excise duty collection in April-November 2020 in the current financial year was 1.96 lakh crore as against Rs 1.32 lakh crore in the same period of 2019.
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