Excise duty collection on fuel products has increased in the last two years
Excise duty collection from petroleum products grew by 33 per cent in the first half of the current fiscal, even as petrol prices continue to rise and create new records, denting the common man.
The quantum of increase in the collection of excise duty on fuel products can be gauged from the fact that the increase of 33 per cent was over the same period last year and 79 per cent higher than the pre-coronavirus levels.
According to data provided by the Controller General of Accounts (GCA), excise duty collection on fuel products during April-September 2021 increased to Rs 1.71 lakh crore from Rs 1.28 lakh crore collected in the same period of the previous fiscal.
The excise duty collection during April-September 2019 was Rs 95,930 crore. In comparison to this figure, the collection of Rs 1.71 lakh crore for April-September 2021 stood at 79 per cent.
During the entire 2020-21 financial year, excise duty collections stood at Rs 3.89 lakh crore and in 2019-20, they were Rs 2.39 lakh crore, the data showed.
After the introduction of the Goods and Services Tax (GST) regime, excise duty is levied only on petrol, diesel, aviation turbine fuel (ATF) and natural gas. Except these products, all other goods and services are under the GST regime.
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