This normal budget has been presented in the extreme economic activities and unusual situation due to the corona pandemic.
Budget 2021 | Union Finance Minister Nirmala Sitharaman presented the General Budget for the financial year 2021-22 in Parliament. This normal budget has been presented in the extreme economic activities and unusual situation due to the corona epidemic. There is no change in income, the elderly have got relief in returns. There is no change in capital gains tax. Fiscal deficit target of 6.8% for FY22, target of disinvestment is -1.75 lakh crore.
Farming, Education-women, consider all the issues one by one.
1. Tax
No change in income tax – return relief for the elderly, no change in capital gains tax. NRI will get tax relief. No digital audit up to 10 crores if done digitally.
2. Many things will become expensive – import duty on a lot of things
- Custom Fee – will review the discount on 400 items this year
- Import duty on mobile devices increased to 2.5%
- Duty on steel excise reduced to 7.5%
- Duty on copper reduced to 2.5%
- Gold and silver duty reduced
- Solar lamp – duty increased by 20%
- Duty reduced on nylon vehicle
- Select Auto Parts – Duty Increased by 15%
- Steel Screw – Duty Increased
- Selective Leather Products – Selective Finishes
- Duty on cotton increased, increased by 10%
- Cess on some things for agricultural infra development
3. Health, Corona Vaccination 35000 Crore
The government will spend 35 thousand crores for vaccination against the coronavirus. Along with this, the Prime Minister Self-Reliant Healthy India Scheme will start with a budget of 64180 crores. In the next 6 years, the government will spend this rupee. Nutrition 2.0 will be launched. 1.41 lakh crores will be spent on Swachh Bharat Mission in 5 years.
4. Relief to the auto industry
Duty on select parts increased, 20 year old private vehicles will be scrap, 15 year old commercial vehicles will be scrap.
5.Real Estate
Now another year, cheap housing projects, can take advantage of tax holiday till 31 March 2022. The benefit of rebate of 1.5 lakh rupees on the loan to buy an affordable house will continue till 31 March 2022.
6. Announcement for electoral states
The government is also eyeing those states where assembly elections are going to be held this year. Nirmala Sitharaman has made many announcements for Assam and Bengal. After the infra announcement for electoral states like Assam and Bengal, special announcements have been made for tea laborers. Finance Minister Nirmala Sitharaman Parliament in its budget speech announced Rs 1000 crore for tea laborers of Assam and Bengal.
7. Financial Loss Target
The target of fiscal deficit in Budget 2021 has been kept much higher than anticipated. The deficit was estimated to be around 5.5–6% but the target for FY22 has been kept at 6.8%.
8. Disinvestment target for FY22 – 1.75 lakh crore
Finance Minister Nirmala Sitharaman said that even in the era of coronavirus, the government has not taken back its steps in disinvestment, the government has taken many important steps. The government plans to privatize large ports. Also, there will be disinvestment in BPCL next year. Two more government banks will be sold. LIC’s IPO will come. The process of benefiting Air India will be completed.
9. 20,000 crore for state-run banks, Sensex salute
20 thousand crores will be given to make public banks again. Meanwhile, the Sensex salute can also be seen when the budget is presented. There is a continuous boom in the stock market.
10. Education
In the budget, announcements have also been made in the field of education. While the Finance Minister announced the opening of 100 new Sainik Schools, at the same time, with the help of NGOs, talked about creating a previously announced Higher Education Commission. And it has been announced to build a central university in Leh. 50,000 crore will be spent on National Research Foundation.
