NEW DELHI ;
THE Government’s collections from levy of Excise Duty on petroleum products have jumped 48 per cent in the first four months of the current fiscal year, with the incremental mop-up being 3-times of the repayment liability of legacy oil bonds in the full fiscal, official data showed. Data showed Excise Duty collections during April-July 2021 surging to over Rs 1 lakh crore, from Rs 67,895 crore mop-up in the same period of the previous fiscal. After the introduction of the GST regime, Excise Duty is levied only on petrol, diesel, ATF and natural gas.
The incremental collections is three-times the Rs 10,000 crore liability that the Government has in the full year towards repayment of oil bonds that were issued by the previous Congress-led UPA Government to subsidise fuel. Bulk of Excise Duty collection is from the levy on petrol and diesel and with sales picking up with a rebounding economy, the incremental collections in the current year may be over Rs 1 lakh crore when compared with the previous year, industry sources said.