An ambitious Budget that needs proper execution
So, boosting the consumption - which would create more demand for the goods and services would result in a greater collection of revenue.
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People watch Finance Minister Nirmala Sitharaman presenting Union Budget 2021-21 on television sets at an electronics store. (Photo | V Karthikalagu, EPS)
In a situation where the economy was not doing well, even before the pandemic began, and with it getting further hit by the steps taken to contain the pandemic, it was indeed challenging for the Finance Minister to mobilise revenue from the indirect taxes, since public consumption had come down. Indirect taxes like Customs Duty, Goods and Services Tax and Excise Duty etc. are essentially taxes on consumption. So, boosting the consumption - which would create more demand for the goods and services would result in a greater collection of revenue.
Union Budget 2021: What it offers the automotive industry Updated Feb 02, 2021 | 13:30 IST
The Indian government announced budget 2021 yesterday. For the country s automobile industry, what did it bring forth? Read on to see. Union Budget 2021: What it offers the automotive industry
Well, yesterday was quite hectic for the country, thanks to Union Budget 2021. Yep, Finance Minister Nirmala Sitharaman announced the new budget, policy, and initiatives for the country as we reel from the shock of the coronavirus pandemic. The slew of announcements also included some for the Indian automobile industry, which continues to be one of the biggest contributors to the country s GDP. If we were to put it succintly this year s budget too didn t have much to offer for the sector, which has been reeling from a steep decline in sales since the year 2019. But that s not to say the FM had nothing to offer at all; so let s stop beating around the bush and let s get st
Published: Tuesday, February 2, 2021, 11:12 [IST]
New Delhi, Feb 02: In a significant development, Union Finance Minister Nirmala Sitharaman, in her Budget 2021 speech, has announced imposition of Agriculture Infrastructure and Development Cess (AIDC) on certain items, including petrol, diesel, gold and some imported agricultural products.
The agricultural infrastructure development cess will be applicable from February 2, 2021.
Sitharaman also said that care has been taken not to put additional burden on consumers on most items.
There is an immediate need to improve agricultural infrastructure so that we produce more, while also conserving and processing agricultural output efficiently, the minister said in her Budget Speech in Lok Sabha.
Updated:
Experts say this may result in States being short-changed
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Finance Minister Nirmala Sitharaman during the final touches of Union Budget 2021-22 at Finance Ministry in New Delhi on January 31, 2021.
| Photo Credit: The Hindu
Experts say this may result in States being short-changed
Union Finance Minister Nirmala Sitharaman on Monday announced an agriculture infrastructure and development cess (AIDC) on select items such as petrol, diesel, apples and alcohol, pointing to an immediate need to improve the sector’s infrastructure. However, she stressed that this would not lead to additional burden on consumers.
During a post Budget interaction with the media, she said basic Custom duty rates have been reduced on most items where the AIDC was being imposed, so as to not put the burden on the end consumer. This would ensure enhanced remuneration for farmers.
Budget 2021: Government imposes agriculture cess on petrol and diesel Updated Feb 01, 2021 | 18:18 IST
While proposing the Agriculture Infrastructure and Development Cess (AIDC), Finance Minister Nirmala Sitharaman also said that care has been taken not to put additional burden on consumers. Budget 2021: Government imposes agriculture cess on petrol and diesel | Photo Credit: Representative Image
In a bid to boost agriculture infrastructure, the government on Monday announced a cess on certain items, including petrol, diesel, gold and some imported agricultural products. While proposing the Agriculture Infrastructure and Development Cess (AIDC), Finance Minister Nirmala Sitharaman also said that care has been taken not to put additional burden on consumers on most items. There is an immediate need to improve agricultural infrastructure so that we produce more, while also conserving and processing agricultural output efficiently, the minister s