Budget 2019-20: Cess on petrol, diesel hiked by Re 1/lt; customs duty on gold increased

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.

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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