Table of Contents Hide
- Custom duty changes
- GST, customs
- PF deductions
- Fiscal deficit pegged at 9.5% of GDP
- Minimum government and maximum governance
- Sensex in green
- Migrant workers and labourers
- Agriculture and rural development
- Disinvestment and strategic sale
- Financial Capital
- Shipping and ports
- Metro services in 27 cities
- National Rail Plan
- New voluntary scrappage policy
- Asset monetisation
- Physical and Financial Capital and Infrastructure
- Health and wellbeing
- For Atmanirbhar Bharat
- Rahul Gandhi’s Budget wish list
- Markets in green
- FM meets President
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 Exemption on certain leather will be withdrawn.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
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