The federal government’s collections from levy of excise obligation on petroleum merchandise have jumped 48 per cent within the first 4 months of the present fiscal yr, with the incremental mop-up being 3-times of the compensation legal responsibility of legacy oil bonds within the full fiscal, official information confirmed.
Knowledge out there from the Controller Common of Accounts within the Union Ministry of Finance confirmed excise obligation collections throughout April-July 2021 surging to over Rs 1 lakh crore, from Rs 67,895 crore mop-up in the identical interval of the earlier fiscal.
After the introduction of the Items and Providers Tax (GST) regime, excise obligation is levied solely on petrol, diesel, ATF and pure gasoline. Barring these merchandise, all different items and providers are underneath the GST regime.
The incremental collections of Rs 32,492 crore within the first 4 months of the fiscal yr 2021-22 (April 2021 to March 2022) is three-times the Rs 10,000 crore legal responsibility that the federal government has within the full yr in the direction of compensation of oil bonds that had been issued by the earlier Congress-led UPA authorities to subsidise