Finance Minister Nirmala Sitharaman presented the General Budget on Monday. The government has proposed an Agri cess of Rs 2.5 on petrol and Rs 4 on diesel. It will come into effect from 2 February. However, the Finance Minister has assured that its burden will not be passed on to the common man. Basic excise duty and special additional excise duty have been reduced for this.
Also, the FDI limit has been increased from 49% to 74% in the insurance sector. The middle class remained empty-handed in the budget. The government did not make any changes in the income tax slab, nor did it give any exemption. However, the extension of 1.5 lakh rupees in interest to affordable home buyers was extended by one year till March 2022. At the same time, pensioners above 75 years old are also exempted from filing income tax returns.
Big budget things
Tax-related announcements
The Finance Minister said that on the 75th anniversary of independence, we want to give relief to senior citizens aged 75 years and above. They will no longer need to file IT returns.
Right now, cases of tax reassessment could be opened even after 6 years and in severe cases after 10 years. Now it is being reduced to 3 years. In serious cases, when there is talk of hiding income of more than 50 lakhs in a year, only then cases can be opened for 10 years. It will be approved by the Principal Chief Commissioner.
85 thousand crore rupees tax disputes have recently ended. A Dispute Resolution Committee will be formed for small taxpayers. People with income up to 50 lakh and disputed income up to 10 lakh will be able to go to this committee. This committee will be faceless. The National Faceless Appellate Tribunal will also be formed.
If the turnover now exceeds 1 crore, a tax audit has to be done.
This exemption was increased to 5 crore turnover for 95% of digital transactions. It is now being increased to 10 crores.
Extra deduction of 1.5 lakh rupees in tax deduction on interest payments of loans to affordable home buyers has been extended by one year. That is, loans taken till 31 March 2022 will come under this exemption.
For farmers
For insurance-banking sector
There will be changes in the Insurance Act 1938. FDI will be increased from 49% to 74% in the insurance sector.
Along with IDBI, there will be disinvestment in two banks and one public sector company. There will be changes in the law for this. IPO will also be brought for LIC.
20,000 crores will be invested in state-run banks, asset reconstruction company and asset management company will be formed to get rid of NPAs.
1000 crores for Assam-Bengal T-workers women
The Finance Minister said, "The next census will be the first digital census. It will cost Rs 3768 crore this year. Goa is celebrating the Diamond Jubilee Year of Independence from Portugal. Rs 300 crore will be provided for this. Women from Assam and Bengal 1000 crores will be given for workers and their children. "
For education
100 new Sainik Schools will be started with the help of NGOs, state governments, and the private sector.
Central University will be set up in Leh for higher education in Ladakh.
Facilities will be improved in 750 Eklavya Model Schools in tribal areas.
It will cost Rs 35219 crore for 6 crore scheduled caste children in 6 years.
Post matric scholarship will also be brought for tribal children.
For health
35,000 crore will be spent on the corona vaccine in 2021-22. If needed, more funds will be given.
Nutrition will also be given attention. Mission Nutrition 2.0 will be launched. Will also increase the water supply. 2.87 lakh crores will be spent in 5 years.
Water life mission will be launched for urban areas. 1.48 lakh crore will be spent in 5 years on the Urban Clean India Mission.
Pneumococcal vaccination will be introduced nationwide. With this, the lives of 50 thousand children will be saved every year.
Prime Minister Self-Reliant Healthy India Scheme will start with a budget of 64,180 crores. This budget will also be for the treatment of new diseases.
This will help the wellness centers of 70 thousand villages. Critical care hospitals will be started in 602 districts. The National Center for Disease Control will be strengthened.
Integrated Health Information Portal will be launched to connect public health labs. 15 health emergency operation centers will be started. 9 Bio-Safety Level 3 labs will start.
Infrastructure
The Development Financial Institute is needed for the infrastructure sector.
A bill will be brought for this. 20 thousand crores will be spent on this so that a landing portfolio of 5 lakh crores rupees can be made in 3 years.
The focus will be on monetizing the public infrastructure. A national monetization pipeline will be launched. A dashboard will be made to see the progress being made in this case.
National highway authorities will also attract international investment. Railways will also monetize the freight corridor. Monetization will be taken care of in whatever airport will be built next.
Metro
Bus transport system will be introduced in urban areas. 20 thousand buses will be ready.
This will help the auto sector and increase employment.
702 km metro is currently running. A total of 1016 km of metro is in operation in 27 cities. Metro Lights and Metro Neo will be started in Tier-2 cities with low cost.
In Kochi Metro, 11 km will be built for 1900 crores. A 180 km long metro route will be built in Chennai for 63 thousand crores.
A 58 km long 58 km metro line will also be built in Bengaluru. Metro will be made from Nagpur 5976 crore and Nashik with 2092 crore.
For Elected States
custom duty
400 old discount will be reviewed. This will be through consultation. The revised custom duty structure will start from October 1 this year.
Custom duty on iron and steel is being reduced to help metal recyclers. Duty will also be removed in copper scrap.
There is currently a 12.5% custom duty on Gold and Silver. It will be rationalized.
There will be a 15% customs duty on auto parts.
There will be a custom duty of 10% on cotton, 15% on raw silk and silk yarn to help farmers.
Vehicle scraping
A voluntary vehicle scrapping policy will be introduced so that old vehicles can be removed. This will help reduce pollution.
Trains will have fitness tests. Personal vehicles will be able to be scraped after 20 years and commercial vehicles after 15 years.
Estimates to reduce fiscal deficit
The Finance Minister said that we have increased government spending after the end of the lockdown. Government expenditure of Rs 30.42 lakh crore was estimated in 2020-21, which increased to Rs 34.5 lakh crore. The fiscal deficit is 9.5% of GDP in 2020-21. To compensate for this we need 80 thousand crores more. For this we expect from the market. Government expenditure is estimated at Rs 34.83 lakh crore in 2021-22. The fiscal deficit is projected to be 6.8% of GDP in 2021-22. Would like to reduce it to 4.5% by 2025-26. There is a provision to increase the contingency fund from 500 crores to 30 thousand crores.
Team India's victory mentioned
Sitharaman said that today India remains a country of expectations. Rabindranath Tagore said that Asha is a bird that chirps even in the dark. Team India performed well in Australia recently. It reminded us what kind of quality we have. Today, data suggests that India has one of the lowest mortality rates due to corona. All these things are a sign of the metamorphosis of the economy. So far three times the budget has been presented after the negative figures of GDP. This time the negative data is due to the worldwide epidemic.
Modi said- stressed to increase farmers' income in budget
Prime Minister Narendra Modi said that apart from making life easier for the common man and women of the country, special emphasis has been laid on health, nutrition, and pure water. The advantage of the infrastructure changes will be reflected in employment generation. Emphasis has also been given to increase the income of farmers. Provisions have been made to enable farmers to get more loans easily. The budget of the MSME sector has also been doubled from last year. This budget has taken forward the path of self-sufficiency which includes the progress of every citizen of the country. This is the foundation of the beginning of this decade.
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