NEW DELHI: The government on Monday eased the proposed rules for taxing non-resident Indians to ensure that the middle-class and normal workers are not burdened, while arming itself with powers to raise excise duty on
and diesel by Rs 8 per litre each in future.
There was major relief for Indians whose children study abroad as overseas remittance out of specified domestic loans will attract 0.5% TCS (tax collected at source), for which credit is available while calculating the annual liability, against the 5% proposed in the Finance Bill on overseas remittances of over Rs 7 lakh.
moved an amendment to the Bill to increase the limit up to which the Centre can raise special excise duty on petrol and diesel to Rs 18 per litre and Rs 12, respectively. The government hiked excise on the two auto fuels earlier this month, taking advantage of the fall in global crude prices in the wake of coronavirus pandemic.