Indian Budget 2019 Live Updates: Petrol, Diesel Set to Get Costlier as Govt Climbs Cess by Re 1 Per litre; Customs Duty on Gold Expanded

Finance Minister Nirmala Sitharaman Friday raised cess on petrol and diesel by Re 1 per litre, while customs duty on gold was likewise expanded to 12.5 percent from existing 10 percent.

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

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

The finance minister additionally reported TDS (tax deducted at source) of 2 percent on money withdrawal of more than Rs 1 crore from a bank account.

She said faceless assessment of tax returns in electronic mode is being propelled for the current year in a phased way.