Budget 2021 cheaper or dearer items: BIG announcements likely on tax front; these things may become pricey or affordable
Budget 2021 cheaper or dearer: Union budget 2021 is just a few days away now and Finance Minister Nirmala Sitharaman is busy finalising her final budget draft that she would be tabling in Parliament on 1st February, 2021.
Budget 2021 cheaper or dearer: Union budget 2021 is just a few days away now and Finance Minister Nirmala Sitharaman is busy finalising her final budget draft that she would be tabling in Parliament on 1st February, 2021. From the common man's perspective, the most awaited relaxation that the entire nation wants is to raise the income tax slabs cap. Next would news about Budget 2021 cheaper or dearer items.
After the implementation of Goods and Services Tax (GST), the nation doesn't expect much from the Finance Minister on indirect tax front but as per the media reports, the Narendra Modi Government may cut or hike the Customs Duty on various items like Fridges, washing machines, furniture, telecom equipment, etc. Yes, certain items may become cheaper others dearer.
Budget 2021 cheaper items: Customs and import duty cut on 20 items
If these media reports are correct, the government of India may announce changes in the existing customs duty on furniture raw material, copper scrap, telecom equipment, chemical and rubber products. As per the PTI report, customs duty on around 20 products will be cut down in the budget 2021 of which polished diamond, rubber products, leather wear, telecom equipment and carpets are some of those items.
See Zee Business Live TV Streaming Below:
The report went on to report that the Government of India is also in mood to cut the import duty on these items to help domestic producers and empower the 'Atma Nirbhar Bharat' campaign. The move aims to strengthen the manufacturing sector as it's labour intensive and has the capacity to create job opportunities in bulk.
Budget 2021 cheaper items: Furniture may become more affordable
Post-budget 2021 presentation, furniture may become cheaper as the GoI is in mood to cut Customs Duty on raw materials used in furniture manufacturing. The report says that GoI wants to enhance furniture export, which is mere 1 per cent of the net furniture business in India. Compared to countries like Vietnam and China, this percentage is much higher.
Fridge, Washing Machine may become dearer
Post-budget presentation, fridge, washing machine, cloth dryer, etc. may become dearer as the report informs that GoI is in mood to enhance customs duty on these home appliances.
Focus on PLI Scheme
To empower the manufacturing sector and create more job opportunities, the GoI is in mood to cut down import duty on LED bulbs and air conditioner parts. The GoI is of the opinion that it will help their 'Atma Nirbhar Bharat' campaign.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.