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‘States await Rs 24,000 cr bounty from excise on oil products’

 PTI |  2016-09-05 23:19:11.0  |  Mumbai

Indian states await a big boost to their finances this year as they are on course to get an additional Rs 24,000 crore bounty or more from the Centre by way of the excise duty share on oil products this fiscal year, which is set to jump by around Rs 60,000 crore. As per the 14th Finance Commission wards, the Centre has to part 42 per cent of the incremental excise mop up on oil products with the states from 2015 through 2020 fiscals. “Excise collections on oil products may expand by an incremental Rs 55,000-60,000 crore in the current fiscal year and 42 per cent of these incremental collections would devolve to the states,” Icra’s chief economist Aditi Nayar said in a report.

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