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Last Updated Tuesday May 22 2018 01:35 PM IST

Fuel price hike makes state exchequer richer

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Fuel price hike makes state exchequer richer

Thiruvananthapuram: Rising fuel prices may be wreaking havoc with the lay man's budget, but it is certainly making the Kerala government richer. The tax revenue on fuels brought Rs 640 crore to the state's coffers in January alone. The govt collected Rs 18 crore additional revenue in January compared to December.

As per the Goods and Service Tax (GST) cell of the state government, this is the highest collection since last October. The government expects the revenue to further increase this month as global fuel prices surge.

After excise duty, tax on fuel ropes in huge revenues to the state government's kitty.

The LDF government has already made it clear that it will not cut the tax on petrol and diesel. Earlier, finance minister T M Thomas Isaac had informed the Assembly that rising fuel prices has been pumping in more money to the treasury.

State government's revenue from fuel tax:

May, 2017 – Rs 631 crore

June – Rs 669 crore

July – Rs 537 crore

August – Rs 648 crore

September – Rs 623 crore

October – Rs 601 crore

November – Rs 569 crore

December – Rs 622 crore

January 2018 – Rs 640 crore

The fuel price changed at least 37 times between June 2016 and January 2018. Government collected Rs 57.34 crore additional revenue on fuel tax.

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