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    Published On : Fri, Jul 5th, 2019

    Pay more for petrol, diesel and gold

    The Finance Minister said she would be increasing surcharge on petrol and diesel by Rs 1 per litre.

    Gold will be taxed more from 10 to 12.5 per cent, Sitharaman said.

    More tax if you earn more than Rs 2 crore per annum

    Those with highest income bracket need to contribute more to the nation, the Finance Minister said.

    Those earning more than Rs 2 crore or Rs 5 crore will have to pay more tax. If you earn more than Rs 2 crore then your tax burden is going up by 3 per cent.

    If you earn more than Rs 5 crore be prepared for the tax burden to rise by 7 percent.

    Tax if you withdraw more than Rs one crore in a year from a bank account

    To discourage business payments in tax, the Finance Minister said a tax rate of 2 percent will be imposed on cash withdrawals exceeding Rs 1 crore from a bank account.

    There will be no tax on Merchant Discount Rate either for cashless transactions.

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