Updated: July 5, 2019 7:20:57 pm
Finance Minister Nirmala Sitharaman Friday announced an additional road infra cess of Re 1 per litre of petrol and diesel as well as Re 1 increase in excise, in her maiden budget speech. The finance minister also announced an increase in custom duty on gold and precious times from 10 per cent to 12.5 per cent.
Sitharaman said lower crude oil prices provide her with an opportunity to review taxes in the sector.
On Friday, gold prices rose 0.04 per cent to Rs 34,230 per 10 gram in futures trade as speculators built up fresh positions in domestic markets. On the Multi Commodity Exchange, gold for delivery in August contracts traded higher by Rs 13, or 0.04 per cent, to Rs 34,230 per 10 gram in a business turnover of 16,978 lots.
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Meanwhile, Sitharaman also said a two per cent tax deducted at source (TDS) will be levied on cash withdrawals exceeding Rs 1 crore in a year from a bank account to discourage the practice of making business payments in cash.
“…propose that the business establishments with annual turnover more than Rs 50 crore shall offer such low-cost digital modes of payment to their customers and no charges or MDR shall be imposed on customers as well as merchants,” she said in Parliament.
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