Budget 2021 Highlights: There is nothing special for the common people in the budget of 2021-22. There has been no change in the rules of income tax or savings. In view of the peasant movement, big announcements were expected for farming, but nothing happened. The impact of politics on the budget is visible. Elections are to be held in Assam, West Bengal, Tamil Nadu and Kerala this year, separate announcements have been made for them. There is nothing in the budget for the electoral state of Puducherry.
Some Important Points of Budget 2021
No Change in Income Tax Slab or Tax Rate
Neither the old tax structure has changed in the budget nor in the new one. Just over 75 years old people have got some relief. If they are earning only from pension and interest, then they will not have to file income tax returns.
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Although tax compliance has been made easier. In the income tax return, the information about the capital gains, post office and interest from the bank will be pre-filled. Currently, information about salary, tax payment and TDS is pre-filled.
Till now 6 years old tax case could be opened for re-assessment. It has been reduced to 3 years. But in case of tax evasion of 50 lakhs or more, re-assessment can be done for 10 years. Dispute resolution panel to be formed for small taxpayers.
Wine will be Expensive
The government has imposed 100 percent cess on imported liquor. There will be a huge increase in the prices of liquor after it is planted. The government has announced that the new Agri Infra Development Cess will be implemented from tomorrow itself. According to this, drinking alcohol from tomorrow will also be expensive, because in the budget, 100 percent agri infra cess has been imposed on alcoholic beverages. After the increase of 100% cess on liquor, the price of liquor is going to increase. Different states have different alcohol prices. Alcohol is excluded from the purview of GST. In such a situation, the prices of alcohol in different states will increase according to the tax rate.
Duty on Auto Parts Increased, Buying a Vehicle will be Expensive
Custom duty on some auto parts has been increased to 15%. This can make cars expensive. Petrol is charged at Rs 2.5 and diesel is priced at Rs 4 per liter. Gold and silver have also been imposed with a 2.5% agri cess, though the import duty on this has been reduced from 12.5% to 7.5%. Imported apple, kabuli chana, peas and lentils are also cessed. However, the budget states that cess on these will not increase the additional burden on the buyers.
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40 Thousand Crore for Infrastructure in Villages
One country-one ration card has been implemented in 32 states. 86% people have been covered in it. 40 thousand crore rupees have been given to strengthen the infrastructure in the villages.
Agricultural Loan Target Increased by 10%
16.5 lakh crore loan will be given for farming in 2021-22. In the current year it was 15 lakh crores. However, more was expected in view of the peasant movement. 22 perishable crops will be included in the Operation Green Scheme. 5 big fishing harbors will be built in cities such as Kochi, Chennai, Visakhapatnam, Paradip and Petuaghat. 1,000 more mandis will be traded electronically.
Increased Government Expenditure will Provide Employment
There is no separate announcement in the budget for job seekers. Although the government spending on the new project has been increased by 34.5% to Rs 5.54 lakh crore from 4.39 lakh crore, this will generate new jobs. Many highway projects have also been announced, people will also get work here. The e-commerce platform will be a new portal for workers and construction workers. Information related to them will be available on this. This will make it easier for them to give social security benefits.
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Scrap Policy will Come for Old Vehicles
New scrap policy will come for old vehicles. Under this, fitness test of 15 year old commercial and 20 year old private vehicles will be done. 1.97 lakh crore rupees will be given in 5 years for the PLI scheme. Many parts, including the printed circuit board used in mobile phones, did not yet attract custom duty. 2.5% duty has been imposed on them. The duty on refrigerators and compressors of AC has also been increased from 12.5% to 15%. This will give a boost to their manufacturing in the country.
Budget was Paperless for the First Time
This is the first time that the budget documents have not been printed. Because of Corona, only a soft copy of the budget has been shared this year. A mobile app named Union Budget has been launched for the budget. Budget related documents will be available on this app.
