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CBIC statement on the issue of tax cuts on petrol and diesel, said this

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Photo from Unplash
Photo from Unplash

The public is very upset due to the rising prices of petrol and diesel in the country. People are waiting when the central government will take concrete steps to reduce the prices of petrol and diesel. Meanwhile, Central Board of Indirect Taxes and Customs (CBIC) Chairman M. Ajit Kumar has said that the government will take a decision on the reduction in fuel prices of petrol and diesel when the time comes.

According to a leading daily report, the chairman of CBIC said that the government is constantly monitoring the issue of reduction in fuel prices. He has said that the revenue is expected to grow well in the coming years. Then a tax cut on petroleum would be considered. Explain that these days the excise duty on petrol is Rs 32.90 per liter and on diesel Rs 31.80 per liter. During the financial year completed on 31 March this year, indirect tax collections grew by 59 per cent. In which fuel excise duty has contributed significantly.

Photo from Unplash

Photo from Unplash

Petroleum Minister Dharmendra Pradhan had told during the Parliament session that the tax collection on petrol and diesel in the country which was Rs 52,537 crore in the year 2013 increased to Rs 2.13 lakh crore in 2019-20. Whereas in the first 11 months of 2020-21, it increased to a stunning 2.94 lakh crore rupees.

In the past few days, due to increase in the price of crude oil in the international market, the prices of petrol and diesel in many places reached 100 rupees a liter. During that time, Parliament had raised the demand to bring petroleum products under the ambit of Goods and Services Tax (GST). On this, BJP MP Sushil Kumar Modi had told in the Rajya Sabha that by bringing petrol and diesel under the ambit of GST, the states will suffer a loss of more than two lakh crore rupees per year and no state is ready to bear this loss. Therefore, it is not possible to bring petrol and diesel under the purview of GST for the next eight to ten years.

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