HYDERABAD: Thanks to the recent consistent hike in petrol prices, the state government earned Rs 101.54 crore revenue in May this year than what it had earned on petrol in the same month last year.
According to the revenue figures of May available with the commercial taxes department, the revenue from petroleum products in May 2018 was Rs 817.58 crore. In May 2017, the revenue from petrol was Rs 716.04 crore.
The petrol price in Hyderabad on Tuesday was Rs 82 per litre. The Value Added Tax (VAT) on petrol is 35.2 per cent and on diesel it is 27 per cent. “We will get an additional Rs14 crore every month if the petrol price is hiked by Re 1,” officials of the commercial taxes department explained. The state government, which rejected the central government’s request to reduce VAT on petrol and diesel, has, on the other hand, asked the central government to reduce the central excise duty on petrol to provide some relief to motorists.
With the GST and IGST collections for May being available now, the state government registered an overall 16.48 per cent growth in revenue in commercial taxes over the revenue in May last year. Likewise, the revenue from excise registered a growth of 27.14 per cent in May this year over the revenue collection in May last year. “We are expecting a higher growth in GST and excise revenues in June too,” top officials in the department told Express on Tuesday.