Repreentational
In a written reply to the Lok Sabha, Minister of State for Finance Shiv Pratap Shukla on Friday said that petrol will cost only Rs 34.04/litre and diesel Rs 38.67/litre without taxes and dealers' commission in the national capital region (NCR).
The incidence of taxes and dealers' commissions work out to be 96.9 per cent in case of petrol and 60.3 per cent for diesel, said Shukla.
On December 19, the retail prices of petrol and diesel were Rs 70.63 and Rs 64.54 a litre, respectively. For petrol, this included, Rs 17.98 central excise duty, Rs 15.02 state VAT and Rs 3.59 commission of dealer. For diesel, this included, central excise duty of Rs 13.83, state VAT of Rs 9.51 and dealer commission of Rs 2.53.
The prices of the fuel varies across the country as states and Union Territories levy their own rate of VAT (value added tax).
In another reply, the minister said the Centre collected excise duty of Rs 73,516.8 crore on petrol and Rs 1.5 lakh crore on diesel during the last financial year.
In first six months of the current fiscal, the collection stands at Rs 25,318.1 crore and Rs 46,548.8 crore for petrol and diesel, respectively.
The government had cut the excise duty on fuel prices in October in order to tackle increasing prices of petrol and diesel.
The estimated loss of revenue to the central government is about Rs 7,000 crore post the reduction in excise duty on October 4 in the remaining part of the fiscal, the minister added.
(With inputs from PTI)
