Live updates from the Parliament as Finance Minister Nirmala Sitharaman presents her third Union Budget.
Union Finance Minister Nirmala Sitharaman delivered her third Budget in Lok Sabha on Monday, February 1.
With no changes in personal income tax slabs and a slew of hike in customs duty to benefit Make in India, the Budget speech focussed on the Centre’s Atmanirbhar Bharat vision.
Honourable Speaker Sir, With these words, I commend the Budget to this August House, she says.
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Nirmala Sitharaman introduces the Finance Bill.
Custom duty changes
Duty of copper scrap reduced to 2.5%.
We have calibrated customs duty rates on chemicals to encourage domestic value addition. We are now reducing duty on naptha to 2.5%.
Custom duty on gold and silver to be rationalised.
We are raising duties on imported solar inverters from 5% to 20% and on solar lanterns from 5% to 15%.
All nylon products to have 5 % customs duty.
Tunnel boring machines will attract custom of 7%. Exemption on certain leather will be withdrawn.
To benefit farmers, we are raising customs duty on cotton from 0 to 10%.12.40 PM
GST, customs
We have seen record GST collections in the last two months. As chairperson of the GST council, I want to assure this House that we shall take every possible step to smoothen the GST structure further and remove anomalies like inverted duty structures.
A revised custom duty structure is on the annvil.
I now propose to review over 400 old exemptions this year. We will conduct this through extensive consultations and a revised customs duty structure free of distortions will be in place from October 1.12.35 PM