BJP government that has got clear cut majority in the 2014 elections and then in this 4 years as per available data it has mopped up Rs 16.57 lakh crore as tax revenue from petroleum product sales, mainly from petrol and diesel.
Modi Government got twin advantage ., one is majority run government and second is natural advantage of lesser crude oil prices that gone down to 32 US$ low ., and average mean calculated fuel price around 54 US$ ., but on the other hand Manmohansingh UPA II run government in 2009~2014 suffering from two major hurdles to swim across., one is 12 parties switched alliance driven government and second is sky rocketing crude price that went ahead 120$ bracket.
Even when crude oil price was in peek former PM Manmohansingh restricted fuel price not crossing 74 Rs in local sales . A close look at present government tax collection data throw hard questions to answer for the ruling establishment.
In financial year 2016-17 growth in the government’s revenue from petroleum products was 25 % whereas if one apply same yard stick growth in the government’s revenue from petroleum products in previous Manmohan singh era 2014-15 and 2013-14, then it was around only 9-10 % each.
In 2016-17, the government’s revenue from the petroleum sector was Rs 5.24 lakh crore, accounting for 3.5 percent of GDP.
In the preceding year, the ratio was 3.1 percent. By comparison, during 2012-15, the ratio was around 2.8 percent.
If we take the break up of Rs 5.24 lakh crore, then the central government’s excise duty constitutes Rs 2.43 lakh crore that 46 percent.
The state government’s sales tax and VAT account for Rs 1.66 lakh crore or 32 percent.
This figure amply expose the NDA BJP modi government has been keenly considering incoming route revenue only but forgetting the Consumers common people who paid higher prices all along been denied the benefit of lower international crude oil prices ..
According to forbes magazine the Chairman of the Reliance Industries, Mukesh Ambani has grown richer by $16.9 billion in 2018 with the net worth $40.1 billion. In 2017, he was on the 33rd position in the magazine’s list with the net worth of $23.2 billion. Ambani climbed up to the 19th global rank on the Forbes’ list of 2,208 billionaires worldwide this year . It is important to note ambani prime revenue is from petro industries catering to Indian market
This now force the common man to the corner and made to ask where our hard earned paid fuel monies are going Mr.Prime Minister