Excise collection on petrol, diesel up 50% at Rs 74.5K cr

Excise duty collection on petrol and diesel jumped over 50 per cent in 2014-15 to Rs 74,465 crore as the government on multiple occasions raised tax rates to shore up its revenues.
In a written reply to a question in the Lok Sabha, Minister of State for Finance Jayant Sinha said the government collected Rs 31,165 crore in excise duty on petrol in 2014-15, up from Rs 22,424 crore in the previous year.
On diesel, excise collections rose near 60 per cent to Rs 43,300 crore when compared with Rs 27,146 crore of the 2013-14 fiscal.
The government had on four occasions between November 2014 and January 2015 raised excise duty on petrol and diesel to take away gains coming by way of global oil prices dipping to six-year low.

Cumulatively, excise duty on petrol was hiked by Rs 7.75 per litre and that on diesel by Rs 6.50 a litre.
Sinha said excise duty on unbranded or normal petrol now totals to Rs 17.46 a litre and that on unbranded diesel at Rs 10.26 per litre.

Excise collections petrol in 2012-13 was Rs 23,710 crore and that on diesel Rs 22,513 crore, he said.
Total excise collection from petroleum products was Rs 78,545 crore in the fiscal year ending March 31, 2015 (2014-15), up from Rs 54,007 crore in the previous year.
For the current fiscal, he said "product-wise targets for tax collection are not set in respect of customs and central excise duties."

"However, Budget Estimates for customs and excise duties for FY 2015-16, including revenue from petroleum products, are Rs 208,336 crore and Rs 229,809 crore respectively," he said.
Sinha said the government got Rs 1248 crore in excise duty on aviation turbine fuel (ATF), Rs 363 crore on kerosene, Rs 325 crore on diesel oil and Rs 2,144 crore on furnace oil.
Besides, government got Rs 901 crore from customs duty on petrol, Rs 75 crore on diesel, Rs 59 crore on ATF and Rs 88 crore on furnace oil, he said.
The government had last raised excise duty on petrol and diesel by Rs 2 per litre on January 16. It had raised duty by a similar quantum from January 2.

Prior to that, the tax was hiked by Rs 1.50 a litre each from November 12 and Rs 2.25 per litre on petrol and Re 1 on diesel from December 2.