Fuel and gold get costlier-no tax up to 5lakh

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The excise duty on petrol and diesel has been hiked by Rs one. Minister for Finance Nirmala Seetharman has announced this during the budget presentation here today in the parliament. The budget was read for about more than 2 hours.

The members heard the presentation with rapt attention. The Gold is all set to become costlier now. There will be no tax on income up to Rs 5 lakh for an individual as decided earlier in the interim budget presentation.

The duty on gold also has been hiked. There will be to 2 to 7 per cent surcharge for the super-rich. There is a need to privatise some areas of Railways the Finance Minister opined.

nirmalasitaraman

Congress leader Surejwala termed the budget as maximum intent with minimum content. Chidambaram the former Finance Minister said that the Government was speaking through the economic survey. The RBI and the Banks will absorb the cost of Digital Transactions.

Tax scrutiny will be allocated in random to the officers the FM said. The markets have already given a thumbs down to the new budget presented by Nirmala Seetharaman.

The books imported will be costlier.

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