Petrol and Diesel Budget 2019: Cess on petrol, diesel hiked by Re 1 per litre; customs duty on gold increased

  • No merchant discount rate charges on digital transaction made at big establishments with turnover of over Rs 50 crore

  • The finance minister announced TDS of 2% 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

New Delhi: Finance Minister Nirmala Sitharaman on Friday proposed to raise cess on petrol and diesel by Re 1 per litre, while customs duty on gold was also increased to 12.5 percent from existing 10 percent.

Presenting the first Budget of the Narendra Modi government in its second term, Sitharaman proposed to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel.

 Petrol and Diesel Budget 2019: Cess on petrol, diesel hiked by Re 1 per litre; customs duty on gold increased

Representational image. Reuters.

She said that 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 percent 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.

Follow full coverage of Union Budget 2019-20 here

Updated Date: Jul 05, 2019 14:13:44 IST