State government reaps profits as fuel prices soar; 6-month tax revenue was Rs 18,355 crore

Trending 2021-11-03

newsteamz_State government reaps profits as fuel prices soar; 6-month tax revenue was Rs 18,355 crore
  • When fuel prices soar to record highs, so does the state government.

  • During the April-August period, the Government of Kerala generated additional revenue of `201.93 crore due to the increase in fuel prices.

  • The total revenue from fuel tax during the period was Rs 18,355 crore.

When fuel prices soar to record highs, so does the state government.

During the April-August period, the Government of Kerala generated additional revenue of `201.93 crore due to the increase in fuel prices. The total revenue from fuel tax during the period was Rs 18,355 crore. The state gets 25 percent of the petrol price and 20 percent of the diesel tax on sales. In other words, the state government will get an extra 25 paise per liter for petrol and 20 paise per liter for diesel.

The government is strongly opposed to bringing fuel prices under GST as it will affect revenue. According to the Finance Minister, the annual loss to Kerala is Rs 8000 crore if petroleum products are brought under GST. During April-June, the excise duty on petrol and diesel was Rs 94,181 crore. 88 percent additional revenue to the Central Government as compared to the previous financial year. 3.35 lakh crore to the exchequer.

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