Petrol and diesel would be dearer by about Rs 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.
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.
The finance minister also 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.