According to the data, personal income tax collection in the financial year 2020-21 stood at Rs 4.69 lakh crore, while the collection from excise duty and VAT on petrol and diesel stood at Rs 5.25 lakh crore.
For the first time, the government earned more than income tax due to tax on petrol and diesel.
The lockdown imposed to prevent the corona epidemic has led to a decline in the sale of petrol and diesel in the country. On the other hand, the income of the government has increased from tax on petrol and diesel. For the first time, the government has earned more than income tax by putting the burden of expensive petrol, diesel on the common man. According to the data, personal income tax collection in the financial year 2020-21 stood at Rs 4.69 lakh crore, while the collection from excise duty and VAT on petrol and diesel stood at Rs 5.25 lakh crore. At the same time, the corporate tax collection stood at Rs 4.57 lakh crore.
Let us tell you that this is the first time in 21 years that the share of common people has increased much faster than the companies. According to the data of the Income Tax Department, the total direct tax collection in the financial year 2020-21 has been Rs 9.45 lakh crore. In this, corporate tax collection has been Rs 4.57 lakh crore while personal income tax collection has been Rs 4.69 lakh crore and other tax is Rs 16,927 crore.
Petrol and diesel sales down
According to the news published in Dainik Bhaskar, in the financial year 2020-21, despite the decrease of 10.57 percent in the sales of petrol and diesel from the previous year, the government’s income from tax on it has increased. In the financial year 2020-21, the government earned Rs 5.25 lakh crore from tax on petrol and diesel. In the financial year 2019-20, there was a collection of 4.23 lakh crores in the form of excise, VAT on petrol and diesel.
Income from tax on oil more than doubled in 7 years
The central government has earned more than the states from petrol-diesel tax. In the financial year 2014-15, the government earned Rs 2.36 lakh crore from tax on oil while Rs 4.23 lakh crore in 2019-20. At the same time, in the financial year 2020-21, the total income from tax on this was Rs 5.25 lakh crore.
Earnings have increased by more than 25 percent as compared to the previous financial year. Income from tax on petrol and diesel was Rs 2.36 lakh crore in the financial year 2014-15, Rs 4.23 lakh crore in the financial year 2019-20 and Rs 5.25 lakh crore in the financial year 2020-21.
On the other hand, income tax collection stood at Rs 2.58 lakh crore in the financial year 2014-15, Rs 4.80 lakh crore in 2019-20 and Rs 4.69 lakh crore in 2020-21.
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