Budget 2019: Petrol, diesel tax up by ₹2, customs duty on gold raised to 12.5%

Budget 2019: Presenting the first Budget of the Modi government in its second term, Sitharaman said surcharges on individuals having taxable income of ₹2 crore to ₹5 crore; and ₹5 crore and more have been raised.

Petrol and diesel would be dearer by about ₹2 per litre, Finance Minister Nirmala Sitharaman announced in her budget speech. The minister, who presented her maiden budget, has also hiked the customs duty on gold and other precious metal from existing 10 per cent to 12.5 per cent.

The cess on petrol and diesel have been increased by Re 1 per litre. In addition, Nirmala Sitharaman also raised the special additional excise duty by Re 1 each on the two fuels.(HT Photo)

Presenting the Union Budget, she said crude prices have softened from their highs and it gives her room to review excise duty and cess on petrol and diesel.

“I propose to increase special additional excise duty and road and infrastructure cess each by one rupee a litre on petrol and diesel,” she said.

ALSO WATCH | Budget 2019 | Petrol and diesel cess increased by Re 1 per litre

The finance minister also said surcharges on individuals having taxable income of ₹2 crore to ₹5 crore; and ₹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 ₹50 crore.

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The finance minister also announced TDS (tax deducted at source) of 2 per cent on cash withdrawal of more than ₹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.