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1-min read

Petrol, Diesel Set to Get Costlier as Govt Hikes Cess by Re 1 Per Litre; Customs Duty on Gold Increased

Presenting the first Budget of the Modi government in its second term, Nirmala Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.

PTI

Updated:July 5, 2019, 1:53 PM IST
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Petrol, Diesel Set to Get Costlier as Govt Hikes Cess by Re 1 Per Litre; Customs Duty on Gold Increased
Representative Image. (Image: PTI)
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New Delhi: Finance Minister Nirmala Sitharaman Friday raised cess on petrol and diesel by Re 1 per litre, while customs duty on gold was also increased to 12.5 per cent from existing 10 per cent.

RATE The Budget

Presenting the first Budget of the Modi government in its second term, Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.

She also said there will be no merchant discount rate (MDR) charges on digital transaction made at big establishments having annual turnover of more than Rs 50 crore.

The finance minister also announced TDS (tax deducted at source) of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account.

She said faceless assessment of tax returns in electronic mode is being launched this year in a phased manner.

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