Petroleum Biz – Taxes Up 103% Net Imports Down (-) 45.5%

July13, 2018 (C) Ravinder Singh progressindia2015@gmail.com

In just 3 years Net Imports bill was down by 45.5% [$51,637m to $94,763m] but Taxes Collected increased by 103% – [Rs.487,967 Cr from Rs.239,930 Cr] as per latest stats released for 2016-17. Most of the Tax collection was contributed by over Tripling of Central Excise – sales tax growth was mainly due to Growth in Sales.

There is decline in Oil & Gas production and much greater Imports of Oil & Gas.

http://petroleum.nic.in/sites/default/files/ipngs1718.pdf

Taxes Collected in Marketing Petroleum Products in Rs. Crores

Item

2016-17

2015-16

2014-15

2013-14

Central Excise

2,79,005

1,98,793

1,10,354

     88,600

Customs Duty

21,290

15,202

12,572

15,563

Oil Dev. Cess

12,941

14,578

Sales Taxes

1,74,731

1,49,857

1,38,696

1,36,767

Total

4,87,967

3,78,430

2,61,622

2,39,930

Taxes & Duties On Petroleum Sector

 

• Central excise collection from Petroleum sector (Crude oil & Petroleum Products) during

2016-17 was at Rs.2,79,005 crore which was 40% higher as compared to 2015-16 (Rs.198793 crore). More than half of the excise duty was contributed by refined diesel oil (54%) during 2016-17.

• Customs duties collected on crude petroleum & petroleum products for year 2016-17 at

Rs.21,290 crore were 40% higher as compared to 2015-16 (Rs.15,202).

• Oil Development Cess paid by upstream companies was marginally lower by around 14% in 2016-17 (Rs.12941 crore) as compared to 2015-16 (Rs.14578 crore).

• Sales Tax payments collected on crude oil, natural gas & petroleum products during the year 2016-17 at Rs.174731 crore, was 17% higher than the sales tax collected during 2015-16 Rs.149857 crore). (Highest sales tax payment was from Maharashtra (13%) followed by Uttar Pradesh (10%) and Gujarat (9%).

Ravinder Singh, Inventor & Consultant, INNOVATIVE TECHNOLOGIES AND PROJECTS

Y-77, Hauz Khas, ND -110016, India. Ph: 091- 8826415770, 9871056471, 9650421857

Ravinder Singh* is a WIPO awarded inventor specializing in Power, Transportation,

Smart Cities, Water, Energy Saving, Agriculture, Manufacturing, Technologies and Projects

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