(ET)
Crude oil prices in the international market have come substantially down, but surprisingly the prices of petroleum products in India are on the rise, pinching the common man’s pocket. But then where is the huge money, being earned through several hikes in indirect taxes, going?
Well, according to the government’s response to an RTI application, even as the money in the common man’s pockets seems to have developed wings, it is the government coffers that are benefiting from the high prices of petroleum products. During the financial year 2016-2017, the government earned a whopping Rs 2.67 lakh crore revenue on account of several increases in indirect taxes (Excise, Customs and import duties) on such products.
In response to an RTI application, filed by social worker Chandrashekhar Gaur of Neemuch district in Madhya Pradesh, the Directorate General of System and Data Maintenance (DGSDM) provided some data to suggest that in sharp contrast to the earnings of Rs 2.67 lakh crore in FY17, the revenue was only Rs 98,602 crore in FY13.
