CityBiz: Excise collections soar on higher duty on petrol, diesel products

“We have collected Rs 38,996 crore from petroleum, oils and lubricants; and Rs 9,838 crore from non-oil products from the region at the end of February,” Varshney said.

Written by Khushboo Narayan | Mumbai | Published: March 19, 2016 12:40:55 am
citybiz, excise duty, maharashtra excise duty, diesel, petrol, mumbai news This target was later revised to Rs 49,500 crore.

The Central Excise department in Mumbai collected duties of Rs 44,242 crore as on February 2016, up 68 per cent from Rs 26,321 crore a year ago. This year’s collection has exceeded the full-year original duty target of Mumbai set at Rs 40,000 crore, according to the department. This target was later revised to Rs 49,500 crore.

“The jump in revenue was backed by increase in excise duty on petroleum and diesel products by the government,” said S C Varshney, Chief Commissioner of Central Excise, Mumbai.

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“We have collected Rs 38,996 crore from petroleum, oils and lubricants; and Rs 9,838 crore from non-oil products from the region at the end of February,” Varshney said.

According to data accessed by The Indian Express, Reliance Industries Ltd has paid the highest excise duty of Rs 19,760 crore in cash and credit to the Excise department till February 2016. Bharat Petroleum Corporation Ltd has paid Rs 13,658 crore excise duty while Hindustan Petroleum Corporation Ltd has paid Rs 7,639 crore.

Varshney also assured city jewellers that they won’t be harassed by the department or face raids. According to the 2016 Union Budget, a nominal excise duty of 1 per cent (without input tax credit) and 12.5 per cent (with input tax credit) has been imposed on gold and diamond jewellery. Jewellers have been on a nationwide strike, demanding withdrawal of the proposed excise duty. “Jewellers fear excise officials will visit their premises to collect the tax. We believe they are not averse to paying the tax. However, let me tell you no official will visit their premises and we will calculate the tax due on them on the basis of data collected from state government offices like the BMC,” Varshney said.

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