UNION BUDGET 2021 -22
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Customs Act being amended to enable proper checks of imports under FTAs.
Rules of Origin requirements to be reviewed for certain sensitive items.
Provisions relating to safeguard duties to be strengthened to enable regulating such surge in imports in a systematic way.
Provisions for checking dumping of goods and imports of subsidized goods being strengthened.
Suggestions for reviews of exemptions from customs duty to be crowd-sourced.
Excise duty proposed to be raised on Cigarettes and other tobacco products, no change made in the duty rates of bidis.
Customs duty on copper scrap cut to 2.5%.
Customs duty on cotton increased to 10%.
Customs duty on some auto parts to be raised to 15%.
Customs duty raised on footwear to 35% from 25% and on furniture goods to 25% from 20%.
Basic customs duty on imports of news print and light-weight coated paper reduced from 10% to 5%.
Customs duty rates revised on electric vehicles and parts of mobiles.
5% health cess to be imposed on the imports of medical devices, except those exempt from BCD.
Lower customs duty on certain inputs and raw materials like fuse, chemicals, and plastics.
Higher customs duty on certain goods like auto-parts, chemicals, etc. which are also being made domestically.
Seven port projects worth more than ₹ 2,000 crore to be offered by major ports in PPP Mode, in FY 2021-’22
To move to a model where private partner will manage operations of ports.
Anyone with taxable income of up to Rs 50 lakh, disputed income of up to Rs 10 lakh eligible to approach dispute resolution committee.
FM Sitharaman says compliance will be reduced for senior citizens above 75 years of age and for senior citizens who only have pension and interest income, Minister proposes exemption of filing of income tax returns.
FY21 gross expenditure seen at Rs 34.5 lakh crore.
FY21 capital expenditure seen at Rs 4.39 lakh crore.
FY21 fiscal deficit pegged at 9.5% of GDP.
FY22 fiscal deficit target at 6.8% of GDP.
FY22 gross expenditure seen at Rs 34.83 lakh crore.
FY22 capital expenditure seen at 5.54 lakh crore.
Market borrowing in FY22 seen at 12 lakh crore.
MetroLite and Metro New Technologies to be deployed to provide metro rail systems in tier 2 cities and peripheral areas of tier 1 cities, at much lesser cost, with same experience, convenience and safety
Record sum of ₹ 1,10,055 crore to be provided for Indian Railways, out of which ₹ 1,07,100 is for capital expenditure only
The Minister proposed to revise definition under Companies Act, 2013 for small companies by increasing their threshold for capitalization to not exceeding Rs 50 lakh to not exceeding Rs 2 crore and turnover not exceeding Rs 2 crore to not exceeding Rs 20 crore.
Minister announced proposals to amend the Insurance Act, 1938. The minister proposed to increase the permissible limit for Foreign Direct Investment for insurance companies to 74% from 49% along with allowing foreign ownership and control with safeguards.
Strategic disinvestment of companies including BPCL, Air India, Pawan Hans, IDBI Bank, Container Corporation of India to be completed in 2021-22.
The government plans to sell part of its holding in Life Insurance Corporation of India through an initial public offering in the coming year. An amendment to the existing Act to facilitate the public offer, says FM Nirmala Sitharaman,
Scheme of Mega Investment Textile Parks to be launched, in addition to PLI scheme, to create world class infra in textile sector, with plug-and-play facilities, to create global export champions
7 textile parks to be set up over 3 years.
Rs.1.97 Lakh Crores over 5 years starting this FY, for Production Linked incentive Schemes to create manufacturing global champions. Will nurture size and scale and create jobs for youth.
Outlay for health increased to Rs.2,23,846Cr, an increase of 137% relative to previous year’s budget ||
SwacchaBharat Mission 2.0 will be implemented with a total allocation of Rs. 1,41,679Cr over 5 Years. – FM Sitharaman
New Centrally Sponsored Scheme to be launched, outlay of Rs.64,180 crore over 6 years. Goal : To develop capacities of healthcare systems, develop institutions for detection & cure of new and emerging diseases.
NHAI and PGCIL will sponsor one InVIT each. Rs.5,000Cr to NHAI InVIT & Rs.7,000Cr to the PGCIL InVIT
“Provided Rs.35,000 crore for Covid-19 vaccines, will ramp up if needed” , says FM Sitharaman in Budget Speech.||
FM Sitharaman commits Rs.1.97 trillion to the manufacturing sector over 5 years.