Diesel and Petrol taxes made the government richer by a whopping Rs. 75,441 Crores!

The Indian government's revenues from taxes on petrol and diesel rose to Rs 75,441 Crores in 2014-15 - a stiff 60% rise from 2012-13. The tax components include customs revenue and central excise revenue.

In 2012-13, the revenue was pegged at Rs 46,926 Crores while in 2013-14, Rs 50,222 Crores were earned.

"Since the price of petrol was made market determined effective June 26, 2010, there is no such subsidy payment for petrol by government since then”, the Minister of State for Finance Jayant Sinha said.

"Further, the price of diesel has also been deregulated effective October 19, 2014," he added.

However, he added that the government gives cash assistance to oil marketing companies (OMCs) for under recoveries.

Image credit: Indiatimes