Central taxes on petrol have tripled in last 8 yrs YSRCP MP
New Delhi Mar 24 PTI Central taxes on petrol have tripled under the last eight years of the present government and states get only 2 per cent revenue share from the total tax imposed on it a YSR Congress Party member said in Rajya Sabha on Thursday YSR Congress Party member V Vijayasai Reddy during special mentions said the cess on petrol has increased to 95 per cent from 56 per cent in last five years which are not shared by the Centre with the statesHigh petrol prices have been burning a massive hole in common mans pocket The centre may blame it on the price rise in global crude oil prices but the reality remains that the central taxes on petrol have tripled in the last 8 years of the present government Reddy saidHe said in 2014 consumers were paying Rs 948 as tax per litre of petrol whereas today they are paying Rs 279Overall the Centre has increased its total revenue from the petroleum product by 223 per cent from Rs 115 lakh crore in 2014-15 to 372 lakh crore in 2021 The centre has also appealed to states to reduce VAT on petrol but out of every Rs 100 it earns from tax on petrol it shares just Rs 2 with the state The Centre has done this by heavily increasing cesses on petrol which are not shared with the states Reddy saidState-owned Indian Oil Corporation IOC Bharat Petroleum Corporation and Hindustan Petroleum Corporation HPCL on March 22 and March 23 raised petrol and diesel prices by 80 paise per litre each but paused the increase on ThursdayReddy said in just five years cesses have increased from 56 per cent to 95 per cent of the total central taxes on petrol which is the highest till dateTo compensate for this shrinking revenue the states have been forced to increase VAT on petrol There is an urgent need to restructure the taxes on petrol to reduce the burden on consumers and to make tax sharing with the states more equitable Thus I urge the present government to take necessary steps for reducing the overall taxes on petrol and make cesses on petrol shareable with the states he saidPTI PRS SRY
New Delhi Mar 24 PTI Central taxes on petrol have tripled under the last eight years of the present government and states get only 2 per cent revenue share from the total tax imposed on it a YSR Congress Party member said in Rajya Sabha on Thursday YSR Congress Party member V Vijayasai Reddy during special mentions said the cess on petrol has increased to 95 per cent from 56 per cent in last five years which are not shared by the Centre with the statesHigh petrol prices have been burning a massive hole in common mans pocket The centre may blame it on the price rise in global crude oil prices but the reality remains that the central taxes on petrol have tripled in the last 8 years of the present government Reddy saidHe said in 2014 consumers were paying Rs 948 as tax per litre of petrol whereas today they are paying Rs 279Overall the Centre has increased its total revenue from the petroleum product by 223 per cent from Rs 115 lakh crore in 2014-15 to 372 lakh crore in 2021 The centre has also appealed to states to reduce VAT on petrol but out of every Rs 100 it earns from tax on petrol it shares just Rs 2 with the state The Centre has done this by heavily increasing cesses on petrol which are not shared with the states Reddy saidState-owned Indian Oil Corporation IOC Bharat Petroleum Corporation and Hindustan Petroleum Corporation HPCL on March 22 and March 23 raised petrol and diesel prices by 80 paise per litre each but paused the increase on ThursdayReddy said in just five years cesses have increased from 56 per cent to 95 per cent of the total central taxes on petrol which is the highest till dateTo compensate for this shrinking revenue the states have been forced to increase VAT on petrol There is an urgent need to restructure the taxes on petrol to reduce the burden on consumers and to make tax sharing with the states more equitable Thus I urge the present government to take necessary steps for reducing the overall taxes on petrol and make cesses on petrol shareable with the states he saidPTI PRS SRY
