Excise duty collection on fuel has shown decent growth during April-July period of the current financial year
Excise duty on petroleum products saw a 48 per cent increase during the April-July period of the current financial year i.e. 2021-22 as they stood at Rs 1 lakh crore as compared to Rs 67,895 crore during the same period last year. Controller General of Accounts for Data,
The data further said that the incremental collection during the April-July period of the current fiscal stood at Rs 32,492 crore.
Petrol and diesel do not come under the purview of the Goods and Services Tax (GST) and are still subject to excise duty. Aviation turbine fuel (ATF) and natural gas are the other two items on which GST is not levied.
The increase in excise duty collection is mainly on account of increased fuel sales as regionally imposed lockdowns have been eased and traffic movement has increased, especially during the period mentioned above. Increased sales of petrol and diesel led to increase in excise duty collection.
Collections also went up as petrol and diesel prices were rising steadily till a month ago, crossing the Rs 100 per liter mark in many cities of the country.
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