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Prices of liquor in Punjab are expected to drop by at least 30 to 40 per cent to be on par with the rates in Union Territory Chandigarh and Haryana, with the state Cabinet of the AAP-led government approving its first excise policy on Wednesday.
Chief minister Bhagwant Mann-led government set a target of collecting Rs 9,647.85 crore, 40 per cent up from the revenue mobilised from the liquor business last year.
The new excise policy for the year 2022-23 was approved in the state Cabinet meeting chaired by chief minister here.
A spokesperson of the Chief Minister's Office said the policy strives to keep a stringent check over smuggling of liquor from the neighbouring states through extensive enforcement and by incorporating new technological measures.
Meanwhile, BJP leader Manjinder Singh Sirsa accused the AAP government of replicating the Delhi excise model to benefit a few.
&ldquo;@Aam AadmiParty is abusing Punjab state machinery &amp; replicating Delhi model of excise in Punjab to benefit a selected few," said Sirsa in a tweet.
The excise policy shall be applicable for a period for nine months from July 1, this year till March 31, 2023.
The new excise policy aims to break the nexus of mafia involved in liquor trade, said the spokesperson.
The manufacturer, wholesaler and the retailer shall be at an arm's length distance with each other. They shall be completely isolated from each other with no common stakeholder between them, said the spokesperson.
Liquor smuggling from Chandigarh and neighbouring Haryana has been a major challenge for the state. The prices of liquor, including those of Indian Made Foreign Liquor (IMFL) and beer on an average are 30 to 40 per cent higher in Punjab compared to the prices in Chandigarh and Haryana.
The prices of liquor shall now be almost on par with the neighbouring states, said the spokesperson.
According to the new excise police, no quota has been fixed for lifting IMFL and beer by the retail licensees. However, the quota for the Punjab Medium Liquor (PML) remained what it was last year, said an official of the excise department.
The new excise policy stipulates to tap the actual potential of liquor trade by allotting 177 groups through a free, fair and transparent manner of e-tendering. Earlier, liquor vends were allotted on the basis of draw of lots.
The general size of the group shall be around Rs 30 crore and there shall be 6,378 vends in the state, said the spokesperson.
The excise duty on all kinds of liquor except PML shall be charged at the rate of one per cent of the wholesale price.

Price of alcohol dropped by 40% in this state

Policy strives to keep a stringent check over smuggling of liquor from the neighbouring states

Prices of liquor in Punjab are expected to drop by at least 30 to 40 per cent to be on par with the rates in Union Territory Chandigarh and Haryana, with the state Cabinet of the AAP-led government approving its first excise policy on Wednesday.
Chief minister Bhagwant Mann-led government set a target of collecting Rs 9,647.85 crore, 40 per cent up from the revenue mobilised from the liquor business last year.
The new excise policy for the year 2022-23 was approved in the state Cabinet meeting chaired by chief minister here.
A spokesperson of the Chief Minister's Office said the policy strives to keep a stringent check over smuggling of liquor from the neighbouring states through extensive enforcement and by incorporating new technological measures.
Meanwhile, BJP leader Manjinder Singh Sirsa accused the AAP government of replicating the Delhi excise model to benefit a few.
&ldquo;@Aam AadmiParty is abusing Punjab state machinery &amp; replicating Delhi model of excise in Punjab to benefit a selected few," said Sirsa in a tweet.
The excise policy shall be applicable for a period for nine months from July 1, this year till March 31, 2023.
The new excise policy aims to break the nexus of mafia involved in liquor trade, said the spokesperson.
The manufacturer, wholesaler and the retailer shall be at an arm's length distance with each other. They shall be completely isolated from each other with no common stakeholder between them, said the spokesperson.
Liquor smuggling from Chandigarh and neighbouring Haryana has been a major challenge for the state. The prices of liquor, including those of Indian Made Foreign Liquor (IMFL) and beer on an average are 30 to 40 per cent higher in Punjab compared to the prices in Chandigarh and Haryana.
The prices of liquor shall now be almost on par with the neighbouring states, said the spokesperson.
According to the new excise police, no quota has been fixed for lifting IMFL and beer by the retail licensees. However, the quota for the Punjab Medium Liquor (PML) remained what it was last year, said an official of the excise department.
The new excise policy stipulates to tap the actual potential of liquor trade by allotting 177 groups through a free, fair and transparent manner of e-tendering. Earlier, liquor vends were allotted on the basis of draw of lots.
The general size of the group shall be around Rs 30 crore and there shall be 6,378 vends in the state, said the spokesperson.
The excise duty on all kinds of liquor except PML shall be charged at the rate of one per cent of the wholesale price.

Following the Union government's decision to provide relief from high petrol and diesel prices, some Opposition-ruled states have followed suit.
Rajasthan, Maharashtra, and Kerala announced a cut in Value Added Tax, or VAT on fuel after the Narendra Modi administration's decision to reduce excise duty on petrol and diesel.
The Shiv Sena-NCP-Congress coalition government in Maharashtra reduced VAT by Rs 2.08 per litre on petrol, and Rs 1.44 per litre on diesel.
The Congress government in Rajasthan announced slashing of VAT by Rs 2.48 per litre on petrol, and Rs 1.16 per litre on diesel.
Meanwhile, the Left government in Kerala had announced a price cut just hours after the Union government's declaration on May 21. Kerala reduced tax by Rs 2.41 per litre on petrol, and Rs 1.36 per litre on diesel.
Union finance minister Nirmala Sitharaman had put the onus on states after announcing the excise duty relief. The move came as retail inflation hit an 8-year high in India.

Petrol, diesel prices: 3 states reduce VAT after Modi govt's excise cut - Maharashtra, Rajasthan, Kerala

Petrol, diesel prices: Rajasthan, Maharashtra, and Kerala announced a cut in Value Added Tax, or VAT on fuel after the Narendra Modi administration's decision to reduce excise duty.

Following the Union government's decision to provide relief from high petrol and diesel prices, some Opposition-ruled states have followed suit.
Rajasthan, Maharashtra, and Kerala announced a cut in Value Added Tax, or VAT on fuel after the Narendra Modi administration's decision to reduce excise duty on petrol and diesel.
The Shiv Sena-NCP-Congress coalition government in Maharashtra reduced VAT by Rs 2.08 per litre on petrol, and Rs 1.44 per litre on diesel.
ALSO WATCH | <a href="https://www.editorji.com/business-news/economy/govt-s-mega-attack-on-inflation-food-fuel-farm-big-cut-in-prices-1653151783595" target="_blank">Govt's mega attack on inflation: food, fuel, farm big cut in prices</a>
The Congress government in Rajasthan announced slashing of VAT by Rs 2.48 per litre on petrol, and Rs 1.16 per litre on diesel.
Meanwhile, the Left government in Kerala had announced a price cut just hours after the Union government's declaration on May 21. Kerala reduced tax by Rs 2.41 per litre on petrol, and Rs 1.36 per litre on diesel.
Union finance minister Nirmala Sitharaman had put the onus on states after announcing the excise duty relief. The move came as retail inflation hit an 8-year high in India.

The Modi govt has come out guns blazing to reduce the pressure of prices on the common man with a hat trick of measures ranging from fuel, cooking gas to fertilizer subsidy. Excise duty cut Pulling down record high prices at the fuel pump, the Finance Minister announced a reduction of central excise duty on Petrol by Rs 8 per litre and on diesel by Rs 6 per litre.This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre.LPG cylinder becomes cheaperAs domestic cooking gas cylinder prices topped Rs 1000 all over the country, the govt announced a reduction of Rs 200/cylinder for up to 12 cylinders under the Pradhan Mantri Ujjwala Yojana. This reverses all the price hikes on LPG cylinders since 2021. Since April 2021, prices had risen by Rs 193.5 per cylinder.Fertilizer subsidy boostedFarmers were facing severe pressure as fertilizer prices surged due to the war in Ukraine and had appealed for relief which the govt is delivering with a boost in fertilizer subsidy. The FM tweeted that  in addition to the fertilizer subsidy of ₹ 1.05 lakh crore in the budget, an additional amount of ₹ 1.10 lakh crore is being provided to further cushion the farmers.

Govt's mega attack on inflation: food, fuel, farm big cut in prices 

<div class="elementToProof" style="margin: 0px; padding: 0px; border: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: 400; font-stretch: inherit; font-size: 12pt; line-height: inherit; font-family: Calibri, Arial, Helvetica, sans-serif; vertical-align: baseline; color: #000000; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><span style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 12pt; line-height: inherit; font-family: Calibri, Arial, Helvetica, sans-serif; vertical-align: baseline; color: inherit;">With inflation touching multi-year highs, the Narendra Modi government announced a 3-pronged strategy to provide relief to common citizens.</div>

The Modi&nbsp;govt has come out guns blazing to reduce the pressure of prices on the common man with a hat trick of measures ranging from fuel, cooking gas to fertilizer subsidy.&nbsp; <a href="https://www.editorji.com/business-news/economy/petrol-diesel-prices-cut-modi-govt-reduces-excise-duty-as-fuel-costs-reach-historic-highs-1653139305695">Excise duty cut</a> Pulling down record high prices at the fuel pump, the Finance Minister announced a reduction of&nbsp;central excise duty on Petrol by Rs 8 per litre and on diesel by Rs 6 per litre.This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre. LPG&nbsp;cylinder becomes cheaper As domestic cooking gas cylinder prices topped Rs 1000 all over the country, the govt announced a reduction of Rs 200/cylinder for up to 12 cylinders under the&nbsp;Pradhan Mantri Ujjwala Yojana. This reverses all the price hikes on LPG&nbsp;cylinders since 2021.&nbsp;Since April 2021, prices had risen by Rs 193.5 per cylinder. Fertilizer subsidy boosted Farmers were facing severe pressure as fertilizer prices surged due to the war in Ukraine and had appealed for relief which the govt is delivering with a boost in fertilizer subsidy. The FM tweeted that&nbsp; in addition to the fertilizer subsidy of ₹ 1.05 lakh crore in the budget, an additional amount of ₹ 1.10 lakh crore is being provided to further cushion the farmers.

Diesel and petrol prices slashed in a big relief to the common man as the Modi government cut excise duty on fuel. Central govt reduced the duty on Petrol by Rs 8 per litre and on diesel by Rs 6 per litre. This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre with immediate effect. This is the second cut in excise duty by the central govt in less than a year. Collective cut in excise Rs 13 on petrol and Rs 15 on diesel, this cut now reverses the govts hike in excise that it did in 2020The move will have revenue implication of around Rs 1 lakh crore per year for the government.
 

Govt cuts excise duty sharply, petrol and diesel to be cheaper

This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre with immediate effect.

Petrol, diesel prices cut: Modi govt reduces excise duty as fuel costs reach historic highs

"This will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre," Finance Minister Nirmala Sitharaman&nbsp;tweeted

Diesel and petrol prices slashed in a big relief to the common man as the Modi&nbsp;government cut excise duty on fuel. Central govt reduced the duty on Petrol by Rs 8 per litre and on diesel by Rs 6 per litre.&nbsp; This will reduce the price of petrol by Rs 9.5 per litre and of Diesel by Rs 7 per litre with immediate effect. This is the second cut in excise duty by the central govt in less than a year. Collective cut in excise Rs 13 on petrol and Rs 15 on diesel, this cut now reverses the govts hike in excise that it did in 2020.
ALSO WATCH | <a href="https://www.editorji.com/india-news/200-per-lpg-cylinder-subsidy-for-ujjwala-yojana-beneficiaries-announced-by-modi-govt-watch-for-details-1653143465782" target="_blank">₹200 per LPG cylinder subsidy for Ujjwala Yojana beneficiaries announced by Modi govt</a> The move will have revenue implication of around Rs 1 lakh crore per year for the government.
&nbsp;

Excise duty is nothing but politics at the pump and a result of the recent by-polls as per ex-finance minister P Chidambaram.
The former Union minister also said the government&rsquo;s move was a confirmation of the Congress&rsquo; charge that fuel prices were high mainly because of high taxes.
&ldquo;And our charge that high fuel taxes is because of the greed of the central government,&rdquo; he further wrote.
On the eve of Diwali, The Centre decided to cut excise duty on petrol and diesel by record amounts of ₹5 and ₹10, respectively, per litre, to bring down their rates from the highest-ever record levels. 
To further put things into a perspective with the cut in fuel prices: - petrol prices have been up by ₹30 since 2020 Diwali.- Petrol prices saw a hike on 27 of the previous 34 day- Between March 2020 and May 2020, Excise duty was raised by ₹13 - Even with the cut the Excise duty is up ₹ 8 vs 2019 and is at Rs 27.9 per litre on petrol- The central excise duty on petrol in 2014 was ₹ 9.48 per litre, it has been up 3 times since then

Politics at the petrol pump says Chidambaram on excise duty cut

Excise duty is nothing but politics at the pump and a result of the recent by-polls as per ex-finance minister P Chidambaram.

P Chidambaram on reduced excise duty on petrol and diesel

&nbsp;
<ul>
<li>Excise duty cut on fuel by-product of bypoll outcome, says P Chidambaram</li>
<li>Chidambaram: Centre's move a confirmation of fuwl&nbsp;prices high because of high taxes</li>
<li>Central govt reduces excise duty on petrol and diesel</li>
</ul>

On the eve of Diwali, The Centre decided to cut excise duty on petrol and diesel by record amounts of ₹5 and ₹10, respectively, per litre,

Excise duty is nothing but politics at the pump and a result of the recent by-polls as per ex-finance minister P Chidambaram.
The former Union minister also said the government&rsquo;s move was a confirmation of the Congress&rsquo; charge that fuel prices were high mainly because of high taxes.
&ldquo;And our charge that high fuel taxes is because of the greed of the central government,&rdquo; he further wrote. Read/Watch Also: <a href="https://www.editorji.com/india-news/politics/priyanka-gandhi-s-swipe-at-centre-s-petrol-price-cut-says-move-out-of-fear-1636007808666">Priyanka&nbsp;Gandhi's swipe at petrol price cut</a>
On the eve of Diwali, The Centre decided to cut excise duty on petrol and diesel by record amounts of ₹5 and ₹10, respectively, per litre, to bring down their rates from the highest-ever record levels.
To the put the price cut in perspective-:
<ul>
<li>Petrol prices&nbsp; are up by ₹30 since 2020 Diwali.</li>
<li>Petrol prices saw a hike on 27 of the previous 34 day</li>
<li>Between March 2020 and May 2020, Excise duty was raised by ₹13</li>
<li>Even with the cut the Excise duty is up ₹ 8 vs 2019 and is at Rs 27.9 per litre on petrol</li>
<li>The central excise duty on petrol in 2014 was ₹ 9.48 per litre, it has been up 3 times since then</li>
</ul>

Liquor stores are running dry across the capital as Delhi moves to a new regime for alcohol sales. Reports from across the capital suggests that shops, pubs were running out of 'popular' brands.What has changed?
The AAP&nbsp;government has changed it's excise policy in Delhi, which has led to shuttering of state govt run liquor shops and auctioning licenses to private vendors.&nbsp;So far, Delhi government agencies ran nearly 60 per cent of the 850 retail liquor shops in the city.&nbsp;Two months from now, on&nbsp;November 17, the Delhi government will fully withdraw from the alcohol business&nbsp;
Why is there a liquor shortage?Till the new licensees take charge from November 17, the govt run shops and even most private vendors that are facing change of competition are not stocking up.&nbsp;
&nbsp;

Liquor shortage in Delhi, expect alcohol supply to be limited for two months

Liquor shortage in Delhi

Liquor stores are running dry across the national capital
Delhi moves to a new regime for alcohol sales
AAP&nbsp;government has changed it's excise policy in Delhi
Delhi govt to fully withdraw from the alcohol business
Govt run shops, private vendors not stocking up till new licensees take charge
&nbsp;
&nbsp;

Delhi completes liquor licence allotment in all 32 zones; earns Rs 8,900 crore

Liquor stores are running dry across the capital as Delhi moves to a new regime for alcohol sales. Reports from across the capital suggests that shops, pubs were running out of 'popular' brands. What has changed?
The AAP&nbsp;government has changed it's excise policy in Delhi, which has led to shuttering of state govt run liquor shops and auctioning licenses to private vendors.&nbsp;So far, Delhi government agencies ran nearly 60 per cent of the 850 retail liquor shops in the city.&nbsp;Two months from now, on&nbsp;November 17, the Delhi government will fully withdraw from the alcohol business&nbsp;
Why is there a liquor shortage? Till the new licensees take charge from November 17, the govt run shops and even most private vendors that are facing change of competition are not stocking up.&nbsp;
&nbsp;

No relief to you petrol or diesel bill as the GST&nbsp;Council though discussed the proposal of bringing the products under the tax net but felt 'it was not the right time to do so.'
Chair of the 45th GST&nbsp;Council meet, FM Nirmala&nbsp;Sitharam&nbsp;told reporters, "We discussed the inclusion of petroleum products in GST on HC order. GST Council felt time not right to include fuel products in GST."After 41 hikes petrol and diesel prices remain near record high across the nation and 50% of the bill is taxes paid to state and centre via VAT &amp; excise.&nbsp;States such as Kerala, Maharashtra&nbsp;and even Uttar&nbsp;Pradesh have opposed any proposal of fuel to be included in the GST&nbsp;net as it would hit state coffers significantly.&nbsp;

'Not the right time to include fuel under GST', FM clarifies post GST meet

No Friday cheer for fuel prices no reduction is taxes as the FM says 'Not the right time to include fuel under GST'.&nbsp;

<ul>
<li>Petrol and Diesel not bought under GST&nbsp;regime&nbsp;</li>
<li>GST&nbsp;Council took up the proposal of adding fuel into net, but disposed of it&nbsp;</li>
<li>FM: Not the right time to include fuel under GST&nbsp;</li>
<li>Taxes (Excise + VAT) account for over 50% of the fuel bill</li>
<li>Petrol, diesel prices near record high after 41 hikes since last April&nbsp;</li>
</ul>

FM Nirmala&nbsp;Sitharaman&nbsp;chaired the 45th GST&nbsp;Council meet in Lucknow on Friday.&nbsp;

No relief to you petrol or diesel bill as the GST&nbsp;Council though discussed the proposal of bringing the products under the tax net but felt 'it was not the right time to do so.'
Chair of the 45th GST&nbsp;Council meet, FM Nirmala&nbsp;Sitharam&nbsp;told reporters, "We discussed the inclusion of petroleum products in GST on HC order. GST Council felt time not right to include fuel products in GST." After 41 hikes petrol and diesel prices remain near record high across the nation and 50% of the bill is taxes paid to state and centre via VAT &amp; excise.&nbsp; States such as Kerala, Maharashtra&nbsp;and even Uttar&nbsp;Pradesh have opposed any proposal of fuel to be included in the GST&nbsp;net as it would hit state coffers significantly.&nbsp;

Rewind to&nbsp;July&nbsp;2011&nbsp;,&nbsp;a year when crude prices soared to $113 in the international market and yet&nbsp;you were only paying Rs 68/litre&nbsp;at the petrol pump so as we fast forward a decade to 2021 and&nbsp;look at the pump price of Rs 108 in Mumbai&nbsp;when the global crude headline reads on $75/bbl.&nbsp;The first and possibly the only question&nbsp;that remains is-:&nbsp;&nbsp;Why is my petrol bill so high?&nbsp;&nbsp;
The price you pay at the petrol pump depends on 4 things and not just the price of oil in the global markets. The final cost of fuel depends on&nbsp;&nbsp;

Global crude prices&nbsp;
Exchange rate, the value of the rupee&nbsp;
Excise duty charged by the government.
Value Added Tax levied by the state government.&nbsp;

So&nbsp;who is to blame right now?&nbsp;We evaluate all four &lsquo;villains&rsquo; as the blame game begins!&nbsp;&nbsp;&nbsp;Candidate&nbsp;#1: Crude prices&nbsp;&nbsp;
Global crude prices&nbsp;have seen erratic moves almost, mirroring major tantrums by a spoilt child. From the lows of&nbsp;$11 to the highs of $76 the range of the price moves has been dizzying. But at $76 it is still&nbsp;way below the over $100 mark record high so it still leaves one puzzled on the price at the pump. Infact even at $11 a&nbsp;bbl&nbsp;we were still paying Rs 75 for a&nbsp;litre&nbsp;at the petrol pump.&nbsp;So&nbsp;well&nbsp;it becomes obvious that the petrol price blame game has to shift away from the global crude prices that have been nowhere close to record high unlike domestic fuel prices.&nbsp;&nbsp;&nbsp;Candidate #2:&nbsp; Rupee value vs dollar&nbsp;&nbsp;The focus then shifts to the currency, as it&nbsp;import&nbsp;over 80% of crude needs if the&nbsp;value of the rupee keeps&nbsp;falling&nbsp;we would pay more rupees for every dollar we were spending on oil even if the price of crude stayed the same. This has been a silent villain for the petrol bill for the govt who paid Rs 44 per dollar a decade ago when crude was the same price vs now when the rupee stands at Rs 75 per dollar.&nbsp;&nbsp;&nbsp;So&nbsp;India spends close to $90 billion a year importing oil;&nbsp;in 2011 that cost&nbsp;the ex&mdash;chequer&nbsp;(at the rate of Rs 44/$) Rs 3.76 lakh crore.&nbsp;&nbsp;If the import&nbsp;quantity&nbsp;stays the same the&nbsp;equal,&nbsp;the same bill of $90 billion&nbsp;now means the payout balloons to&nbsp;Rs 6.79 lakh crore merely coz each rupee now fetches you much lower amount of dollars.&nbsp;&nbsp;&nbsp;&nbsp;Candidate #3: Taxes, states &amp;&nbsp;centre&nbsp;&nbsp;&nbsp;If one asks for a detailed bill from the petrol or just checks the website of India&rsquo;s largest fuel retailed Indian Oil Corporation&nbsp;you would see the maximum pressure on the bill is below the cost of fuel and actually rests with the taxes, by the state and central government.&nbsp;Nearly 60% of your bill&nbsp;is&nbsp;merely taxes, so the cost of petrol is about RS 40/litre&nbsp;and the rest Rs 60 is merely taxes and duties.&nbsp;&nbsp;&nbsp;Culprit&nbsp;#1 Excise Duty: The excise duty collected by the government has risen sharply in the last year&nbsp;in May last&nbsp;year, the central excise duty on petrol was increased from Rs 22.98 per&nbsp;litre&nbsp;to Rs 32.98 per&nbsp;litre. Despite a much lower demand for fuel in the pandemic the governments&rsquo;&nbsp;excise duty&nbsp;kitty,&nbsp;&nbsp;collected&nbsp;mostly from petrol and diesel, jumped almost 63% to Rs 3.89 lakh crore in the last financial year&nbsp;which has given the purse holders for the government great relief&nbsp;but has had the opposite reaction for consumers.&nbsp;&nbsp;&nbsp;Culprit #2: Value Added&nbsp;Tax(VAT): Levied by the state governments&nbsp;this differs from state to state. For&nbsp;example&nbsp;in&nbsp;Delhi is around&nbsp;23% adding onto the excise duty already imposed by the state.&nbsp;The collection of&nbsp;VATor&nbsp;rates have largely been stable over the last 10 years but adds significantly to the petrol bill.&nbsp;&nbsp;&nbsp;So&nbsp;what next? Will my petrol bill never reduce again?&nbsp;&nbsp;With a hike in prices almost every alternate day from the start of May any significant reduction seems unlikely except the double trouble villain of tax is tackled. The only plausible&nbsp;solution to reduce the&nbsp;b&rsquo;oil&rsquo;ing&nbsp;burden of tax is to bring petrol, diesel under GST, which has support not just from the Finance Ministry but also from the Central banker. The RBI worried about inflation impact has repeatedly&nbsp;signaled the need for a uniform tax on petrol.&nbsp;Which would be the only way remove the 60% tax hit on the petrol bill.&nbsp;&nbsp;&nbsp;Why the delay in inclusion for petrol in GST?&nbsp;&nbsp;Simply speaking the states don&rsquo;t want to kill the chicken that lays the golden egg. Petroleum products contribute a significant amount of revenue to the states. For instance, VAT on petroleum products is as high as 40% in Maharashtra, adding&nbsp;over Rs 25,000 crore per year.&nbsp;Bringing petroleum under GST takes away that control as the Centre is the one in charge of fixing the rate of GST.&nbsp;&nbsp;&nbsp;&nbsp;

Petrol Pain Explained| Blame game, who is the real culprit for high prices & will rates ever come down?

Petrol Pain Explained | The price blame game, who is the real culprit for b'oil'ing&nbsp;fuel prices&nbsp;&amp; will rates every come down?&nbsp;&nbsp;

Petrol Pain Explained

Rewind to&nbsp;July&nbsp;2011,&nbsp;a year when crude prices soared to $113 in the international market and yet&nbsp;you were only paying Rs 68/litre&nbsp;at the petrol pump so as we fast forward a decade to 2021 and&nbsp;look at the pump price of Rs 108 in Mumbai&nbsp;when the global crude headline reads on $75/bbl.&nbsp;The first and possibly the only question&nbsp;that remains is-:&nbsp; &nbsp; Why is my petrol bill so high?&nbsp;&nbsp;
The price you pay at the petrol pump depends on 4 things and not just the price of oil in the global markets. The final cost of fuel depends on&nbsp;&nbsp;
Global crude prices&nbsp; Exchange rate, the value of the rupee&nbsp; Excise duty charged by the government. Value Added Tax levied by the state government.&nbsp; So&nbsp;who is to blame right now?&nbsp;We evaluate all four &lsquo;villains&rsquo; as the blame game begins!&nbsp;&nbsp; &nbsp; Candidate&nbsp;#1: Crude prices&nbsp;&nbsp;
Global crude prices&nbsp;have seen erratic moves almost, mirroring major tantrums by a spoilt child. From the lows of&nbsp;$11 to the highs of $76 the range of the price moves has been dizzying. But at $76 it is still&nbsp;way below the over $100 mark record high so it still leaves one puzzled on the price at the pump. In fact&nbsp;even at $11 a&nbsp;bbl&nbsp;we were still paying Rs 75 for a&nbsp;litre&nbsp;at the petrol pump.&nbsp;So&nbsp;well&nbsp;it becomes obvious that the petrol price blame game has to shift away from the global crude prices that have been nowhere close to record high unlike domestic fuel prices.&nbsp;&nbsp; &nbsp; Candidate #2:&nbsp; Rupee value vs dollar&nbsp; &nbsp; The focus then shifts to the currency, as it&nbsp;import&nbsp;over 80% of crude needs if the&nbsp;value of the rupee keeps&nbsp;falling&nbsp;we would pay more rupees for every dollar we were spending on oil even if the price of crude stayed the same. This has been a silent villain for the petrol bill for the govt who paid Rs 44 per dollar a decade ago when crude was the same price vs now when the rupee stands at Rs 75 per dollar.&nbsp;&nbsp; &nbsp; So&nbsp;India spends close to $90 billion a year importing oil;&nbsp;in 2011 that cost&nbsp;the exchequer&nbsp;(at the rate of Rs 44/$) Rs 3.76 lakh crore.&nbsp;&nbsp; If the import&nbsp;quantity&nbsp;stays the same the&nbsp;equal,&nbsp;the same bill of $90 billion&nbsp;now means the payout balloons to&nbsp;Rs 6.79 lakh crore merely coz each rupee now fetches you a much lower amount of dollars.&nbsp;&nbsp; &nbsp; &nbsp; Candidate #3: Taxes, states &amp;&nbsp;centre&nbsp;&nbsp; &nbsp; If one asks for a detailed bill from the petrol or just checks the website of India&rsquo;s largest fuel retailer Indian Oil Corporation&nbsp;you would see the maximum pressure on the bill is below the cost of fuel and actually rests with the taxes, by the state and central government.&nbsp;Nearly 60% of your bill merely taxes, so the cost of petrol is about RS 40/litre&nbsp;and the rest Rs 60 is merely taxes and duties.&nbsp;&nbsp; &nbsp; Culprit&nbsp;#1 Excise Duty: The excise duty collected by the government has risen sharply in the last year&nbsp;in May last&nbsp;year, the central excise duty on petrol was increased from Rs 22.98 per&nbsp;litre&nbsp;to Rs 32.98 per&nbsp;litre. Despite much lower demand for fuel in the pandemic the governments&rsquo;&nbsp;excise duty&nbsp;kitty,&nbsp;&nbsp;collected&nbsp;mostly from petrol and diesel, jumped almost 63% to Rs 3.89 lakh crore in the last financial year&nbsp;which has given the purse holders for the government great relief&nbsp;but has had the opposite reaction for consumers.&nbsp;&nbsp; &nbsp; Culprit #2: Value Added&nbsp;Tax(VAT): Levied by the state governments&nbsp;this differs from state to state. For&nbsp;example&nbsp;in&nbsp;Delhi is around&nbsp;23% adding onto the excise duty already imposed by the state.&nbsp;The collection of&nbsp;VATor&nbsp;rates have largely been stable over the last 10 years but adds significantly to the petrol bill.&nbsp;&nbsp; &nbsp; So&nbsp;what next? Will my petrol bill never reduce again?&nbsp; &nbsp; With a hike in prices, almost every alternate day from the start of May any significant reduction seems unlikely except the double trouble villain of tax is tackled. The only plausible&nbsp;solution to reduce the&nbsp;b&rsquo;oil&rsquo;ing&nbsp;burden of tax is to bring petrol, diesel under GST, which has support not just from the Finance Ministry but also from the Central banker. The RBI worried about inflation impact has repeatedly&nbsp;signalled the need for a uniform tax on petrol.&nbsp;This would be the only way to remove the 60% tax hit on the petrol bill.&nbsp;&nbsp; &nbsp; Why the delay in inclusion for petrol in GST?&nbsp; &nbsp; Simply speaking the states don&rsquo;t want to kill the chicken that lays the golden egg. Petroleum products contribute a significant amount of revenue to the states. For instance, VAT on petroleum products is as high as 40% in Maharashtra, adding&nbsp;over Rs 25,000 crore per year.&nbsp;Bringing petroleum under GST takes away that control as the Centre is the one in charge of fixing the rate of GST.&nbsp;&nbsp; &nbsp; &nbsp;

Petrol prices stand at record high across the nation with hikes almost every alternate day since the start of May.&nbsp;

Rewind to&nbsp;July&nbsp;2011,&nbsp;a year when crude prices soared to $113 in the international market and yet&nbsp;you were only paying Rs 68/litre&nbsp;at the petrol pump so as we fast forward a decade to 2021 and&nbsp;look at the pump price of Rs 108 in Mumbai&nbsp;when the global crude headline reads on $75/bbl.&nbsp;The first and possibly the only question&nbsp;that remains is-:&nbsp; &nbsp; Why is my petrol bill so high?&nbsp;&nbsp;
The price you pay at the petrol pump depends on 4 things and not just the price of oil in the global markets. The final cost of fuel depends on&nbsp;&nbsp;
<ul>
<li>Global crude prices&nbsp;</li>
<li>Exchange rate, the value of the rupee&nbsp;</li>
<li>Excise duty charged by the government.</li>
<li>Value Added Tax levied by the state government.&nbsp;</li>
</ul>
So&nbsp;who is to blame right now?&nbsp;We evaluate all four &lsquo;villains&rsquo; as the blame game begins!&nbsp;&nbsp; &nbsp; Candidate&nbsp;#1: Crude prices&nbsp;&nbsp;
Global crude prices&nbsp;have seen erratic moves almost, mirroring major tantrums by a spoilt child. From the lows of&nbsp;$11 to the highs of $76 the range of the price moves has been dizzying. But at $76 it is still&nbsp;way below the over $100 mark record high so it still leaves one puzzled on the price at the pump. In fact&nbsp;even at $11 a&nbsp;bbl&nbsp;we were still paying Rs 75 for a&nbsp;litre&nbsp;at the petrol pump.&nbsp;So&nbsp;well&nbsp;it becomes obvious that the petrol price blame game has to shift away from the global crude prices that have been nowhere close to record high unlike domestic fuel prices.&nbsp;&nbsp; &nbsp; Candidate #2:&nbsp; Rupee value vs dollar&nbsp; &nbsp; The focus then shifts to the currency, as it&nbsp;import&nbsp;over 80% of crude needs if the&nbsp;value of the rupee keeps&nbsp;falling&nbsp;we would pay more rupees for every dollar we were spending on oil even if the price of crude stayed the same. This has been a silent villain for the petrol bill for the govt who paid Rs 44 per dollar a decade ago when crude was the same price vs now when the rupee stands at Rs 75 per dollar.&nbsp;&nbsp; &nbsp; So&nbsp;India spends close to $90 billion a year importing oil;&nbsp;in 2011 that cost&nbsp;the exchequer&nbsp;(at the rate of Rs 44/$) Rs 3.76 lakh crore.&nbsp;&nbsp; If the import&nbsp;quantity&nbsp;stays the same the&nbsp;equal,&nbsp;the same bill of $90 billion&nbsp;now means the payout balloons to&nbsp;Rs 6.79 lakh crore merely coz each rupee now fetches you a much lower amount of dollars.&nbsp;&nbsp; &nbsp; &nbsp; Candidate #3: Taxes, states &amp;&nbsp;centre&nbsp;&nbsp; &nbsp; If one asks for a detailed bill from the petrol or just checks the website of India&rsquo;s largest fuel retailer Indian Oil Corporation&nbsp;you would see the maximum pressure on the bill is below the cost of fuel and actually rests with the taxes, by the state and central government.&nbsp;Nearly 60% of your bill merely taxes, so the cost of petrol is about RS 40/litre&nbsp;and the rest Rs 60 is merely taxes and duties.&nbsp;&nbsp; &nbsp; Culprit&nbsp;#1 Excise Duty: The excise duty collected by the government has risen sharply in the last year&nbsp;in May last&nbsp;year, the central excise duty on petrol was increased from Rs 22.98 per&nbsp;litre&nbsp;to Rs 32.98 per&nbsp;litre. Despite much lower demand for fuel in the pandemic the governments&rsquo;&nbsp;excise duty&nbsp;kitty,&nbsp;&nbsp;collected&nbsp;mostly from petrol and diesel, jumped almost 63% to Rs 3.89 lakh crore in the last financial year&nbsp;which has given the purse holders for the government great relief&nbsp;but has had the opposite reaction for consumers.&nbsp;&nbsp; &nbsp; Culprit #2: Value Added&nbsp;Tax(VAT): Levied by the state governments&nbsp;this differs from state to state. For&nbsp;example&nbsp;in&nbsp;Delhi is around&nbsp;23% adding onto the excise duty already imposed by the state.&nbsp;The collection of&nbsp;VATor&nbsp;rates have largely been stable over the last 10 years but adds significantly to the petrol bill.&nbsp;&nbsp; &nbsp; So&nbsp;what next? Will my petrol bill never reduce again?&nbsp; &nbsp; With a hike in prices, almost every alternate day from the start of May any significant reduction seems unlikely except the double trouble villain of tax is tackled. The only plausible&nbsp;solution to reduce the&nbsp;b&rsquo;oil&rsquo;ing&nbsp;burden of tax is to bring petrol, diesel under GST, which has support not just from the Finance Ministry but also from the Central banker. The RBI worried about inflation impact has repeatedly&nbsp;signalled the need for a uniform tax on petrol.&nbsp;This would be the only way to remove the 60% tax hit on the petrol bill.&nbsp;&nbsp; &nbsp; Why the delay in inclusion for petrol in GST?&nbsp; &nbsp; Simply speaking the states don&rsquo;t want to kill the chicken that lays the golden egg. Petroleum products contribute a significant amount of revenue to the states. For instance, VAT on petroleum products is as high as 40% in Maharashtra, adding&nbsp;over Rs 25,000 crore per year.&nbsp;Bringing petroleum under GST takes away that control as the Centre is the one in charge of fixing the rate of GST.&nbsp;&nbsp; &nbsp; &nbsp;

Marking the 16th rise in fuel prices within 30 days, petrol prices were hiked by&nbsp;28-29 paise &amp; diesel prices were raised by 26-28 paise on Monday. Petrol prices are now up by Rs 3.83 &amp; diesel by Rs 4.42/litre since May 3 when the hikes started.&nbsp;Prices at the pump are at a record high across the country with petrol above the Rs 100 mark in many cities including the financial capital Mumbai.&nbsp;Over 60% of the price of fuel is due to taxes imposed on petrol and diesel by state and central govt which includes, VAT, Excise Duty, Freight Levy and Dealer Commission. Ex-the overhead taxations&nbsp;the basic cost of fuel is just Rs 34/litre.&nbsp;

Petrol, Diesel prices hiked again, Cost of Rs 30/lt rest all taxes!

Cost at the pump Rs 100/litre for petrol, real cost under Rs 35/litre the tax bill on fuel continues to add fire.&nbsp;

//Fuel hike: 16th rise in prices within 30 days&nbsp; //Petrol up by&nbsp;₹3.83, diesel up by ₹4.42 since May 3 //Record high prices, petrol above&nbsp;₹100 in many cities&nbsp; //Over 60% rise due to central &amp; state taxes //Basic cost of fuel otherwise is just&nbsp;₹34/litre

Marking the 16th rise in fuel prices within 30 days, petrol prices were hiked by&nbsp;28-29 paise &amp; diesel prices were raised by 26-28 paise on Monday. Petrol prices are now up by Rs 3.83 &amp; diesel by Rs 4.42/litre since May 3 when the hikes started.&nbsp; Prices at the pump are at a record high across the country with petrol above the Rs 100 mark in many cities including the financial capital Mumbai.&nbsp; Over 60% of the price of fuel is due to taxes imposed on petrol and diesel by state and central govt which includes, VAT, Excise Duty, Freight Levy and Dealer Commission. Ex-the overhead taxations&nbsp;the basic cost of fuel is just Rs 34/litre.&nbsp;

excise duty

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