Budget 2021

Cess on petrol, diesel hiked by Re 1/litre; customs duty on gold increased

PTI New Delhi | Updated on July 05, 2019

There will be no merchant discount rate charges on digital transaction made at big establishments having annual turnover of more than Rs 50 crore.

Finance Minister Nirmala Sitharaman on 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.

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.

No MDR charges

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.

Published on July 05, 2019

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