Most retail and corporate borrowers seem to be staying away from availing the three-month EMI moratorium under RBI's COVID-19 relief package. The steepest ever hike in excise duty - Rs 13 per litre on diesel and Rs 10 per litre on petrol - has catapulted India as the country with the highest taxes on fuel. Gujarat Co-operative Milk Marketing Federation (GCMMF), which owns the Amul brand, will have to pay Rs 2 as TDS for every Rs 100 worth of cash payments to farmers. Read for more top stories from the world of business and economy:
Borrowers have realised it's only deferment of EMIs and not a waiver, so they are staying away.
Taxes account for 63 percent of the retail price of fuel in France and Germany, 64 percent in Italy, 62 percent in Britain.
While revenues coming out of road cess will only go to the Centre, it will share some revenues out of excise duty hike with state governments.
The scheme is not applicable on Hyundai's premium range of cars like Creta, Elantra, Tucson and Kona electric. The customer will also have to provide all requisite documents to prove loss of employment.
Union Budget 2019-20 announced levying 2 per cent TDS on cash withdrawals above Rs 1 crore. This was meant to discourage cash transactions.