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Economy

Excise duty mop-up likely to exceed Budget estimate on fuel duties

Updated : January 14, 2021 02:12 PM IST

The government is likely to exceed the 2.67 lakh crore excise duty target set in the budget on February 1 for FY21, sources tell CNBC -TV18.

This is likely on the back of highest ever petroleum duties levied by the government since March 14, when crude prices crashed on the onset of COVID.

The government is likely to exceed the 2.67 lakh crore excise duty target set in the budget on February 1 for FY21, sources tell CNBC -TV18. This is likely on the back of highest ever petroleum duties levied by the government since March 14, when crude prices crashed on the onset of COVID.

As per CGA data, November end mop-up of excise collections stood at over 1.96 lakh crore, with 73 percent of the target been achieved.

Excise mop-up is growing by an average 30,000 crore every month and at this pace by the end of January, the 2.67 lakh crore estimate is likely to be achieved. This would be more than sufficient to compensate for a steep fall in collections from cess and customs duty on crude oil during H1 FY21, as oil price had crashed post-COVID in the international markets.

The government hiked the excise duty on petrol by 13 rupees a litre and on diesel by 16 rupees a litre in two tranches in March and May last. With retail prices of fuel on the rise now, the government is mulling on options on duty reductions, without losing out on the tax gain, the only saviour in an otherwise depressed revenue position due to COVID.

Without the steep duty hikes, it would have been next to impossible for the government to achieve the 2.67 lakh crore budget estimate for excise collections.

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