Budget 2021: Finance Minister Nirmala Sitharaman presented Union Budget 2021 on Monday. Sitharaman made several announcements during his budget speech. During this time custom duty has been reduced on many products.
Budget 2021: Finance Minister Nirmala Sitharaman presented Union Budget 2021 on Monday. Sitharaman made several announcements during his budget speech. During this time custom duty has been reduced on many products. These include gold-silver, platinum, gold-silver coins and other products. However, with the dismantling of these products, the government has imposed agriculture infrastructure and development cess on them. Its rate has been kept at 2.5%.
It’s cheap
Gold-Silver
Platinum
Gold-Silver Coins
Animal Feed
Petrochemical Products
Textile Industry
Iron Junk
Non Alloy Steel
Airplane Part
Finance Minister Nirmala Sitharaman said on Monday that the government is making the customs duty on gold and silver logical. While presenting the budget in the Lok Sabha, he said that the customs duty on auto parts, solar energy equipment, cotton and raw silk has been increased. Apart from these, the customs duty on naphtha has been reduced to 2.5 percent. Steel scrap is exempted from customs duty till March 2022. The Finance Minister also proposed imposing infrastructure development cess on some products.
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Finance Minister Nirmala Sitharaman announced the much awaited Scrapping Policy to remove old and polluting vehicles. Sitharaman, while presenting the budget in the Lok Sabha, said that personal vehicles will have to undergo fitness check when they are 20 years and commercial vehicles will be 15 years. He said that this policy will reduce the import cost of the country as well as promote environmentally friendly and less fuel consuming vehicles.
