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Big boost for healthcare & infrastructure : Budget 2021

Finance Minister Nirmala Sitharaman announced review of 400 exemptions in customs duty including those applicable on the mobile devices segment.

  1. Agri infra cess of 100% imposed on alcoholic beverages.
  2. New Agri Infra Development Cess to be applicable from February 2, 2021, reports PTI.
  3. Import tax on gold, silver cut to 7.5% from 12.5%.
  4. Govt raises import duty on parts of mobile phones, chargers.
  5. Government has proposed farm cess of Rs 2.5/litre on petrol, Rs 4 on diesel.
  6. No change in I-T slabs.
  7. Customs duty on solar lanterns cut to 5%.
  8. Customs duty on cotton increased to 10%, silk to 15%.
  9. Customs duty on some auto parts to be raised to 15%.
  10. Union Budget 2021: Customs duty on copper scrap cut to 2.5%.
  11. Propose to notify rules to eliminate double taxation for NRIs on foreign retirement funds.
  12. Late deposit of employee’s contribution to PF by employers will not be allowed as deduction to employer.
  13. To further ease filing of IT returns, details of capital gains and interest from banks, post offices, etc will be pre-filled.