Check out everything you need to know about Budget 2021:
Finance Minister Nirmala Sitharaman is announcing her budget for 2021. She announced strategic divestment in 2 PSU banks, one general insurance firm. Sitharaman had in her Budget for 2020-21 set a target of raising ₹2.1 lakh crore from privatization, sale of minority stakes in state-owned companies, and share buyback by CPSEs. This is the first paperless budget ever. It looks like that The budget is industrialization friendly. Earlier, The Finance Minister herself said that her third budget would be “unprecedented” as the country looks to rebuild after a pandemic-hit year. Check out all the other details below:
- No filing of IT for 75 years and above only pensions shall be given
- Reassessment laws for income-tax relaxed.
- Affordable housing is a priority. There will be an extended deduction for one more year for affordable housing. There will be a tax deduction till then.
- Rental housing will also come under tax deduction. This is especially for migrant workers.
- No double taxation on NRIs
- GST to stay. But pre-filled forms to make the process easy.
- For employees to pre-filled tax forms available for easing filling the form. This form will now include their bank details.
- Tax holiday for start-ups increased for one more year.
- Made in India mobiles and electronic industry will now attract a 2.5% tax.
- The textile sector to attract lesser tax which means clothes will get cheaper. However, cotton and silk to attract more tax.
- Gold and silver custom duty revised, set to get cheaper.
- New customs duty system to be set by October 1, 2021.
- No changes in tax slabs and rates.
- She has allotted INR 35,000 crores for Covid vaccine.
- Insurance Act changed from 49% to 74% to increase FDI and bring relief to banks in India. 20000 crore to be infused in public banks.
- 1000 crore for tea workers of Assam.
- 1 lakh crore for high ways
- Farmers to get SOPs of 16.05 lakh crore and a cess on petrol and diesel.
- 2.23 Lakh crore to hospital sector.
- 3768 crore INR for first digital census.
The stock market too went on a high of 1500 more points as the budget was announced. Experts are calling this a bold budget. Which after a massive lockdown and pandemic is a great and much required step.
