Indian Budget 2021 Highlights: What will be Costlier and What will be Cheaper?

Indian Budget 2021 Highlights: What to Expect from this Union Budget?

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Indian FM Nirmala Sitharaman delivered the Union Budget 2021 today, starting from 11 am to around 1:30 pm i.e. nearly 2.5 hrs. This time the budget was not on paper, but on a tablet, thus giving a boost to Digital India. There are many products and services that are now going to be costlier, but at the same time, you will also save on a few of them.

The FM said that Rs 1500 Crore will be spent on digital payment services which means that the Government will keep on boosting cashless services like UPI, net banking, digital wallets, and more.

Duties on imported products have increased to help grow the domestic manufacturing sector or you can say the “make in India” initiative. Moreover, duty on shrimp feed is increased to 15% from the earlier 5%. Besides, copper scrap has seen a fall in duty to 2.5% so good news for scrap dealers.

Mobile Phones or Smartphones will now be priced more as exemptions from some of its parts are revoked so will now charge 2.5% from the earlier nil duty. In addition, custom duty on Cotton is also up to 10%. Although, the duties are rationalized on Gold and Silver so that’s something to cheer up for.

The Printed Circuit Board Assembly(PCBA) of chargers and adapters will now face a duty of 15% from 10% so there will be a rise in costs of some electronic products. Besides, what’s important here is that FDI insurance has increased from 49% to 74% which means that the system is looking for more outer funds for improving the economy post Coronavirus pandemic fallout.

Now, let’s check out what got costlier and what got price cuts in this budget.

What got Costlier in Budget 2021?

There are many things that got Costlier in Budget 2021 as compared to the things which got a price cut. The rise in prices has been made to improve the Indian economy by uplifting the local manufacturing and production. Let’s have a look at them.

  1. Mobile Phones
  2. Chargers
  3. Petrol
  4. Diesel
  5. LED Lamps
  6. Electronic Items
  7. Urea
  8. Power Banks
  9. Solar Inverters
  10. Cars
  11. MSME Goods
  12. Cotton
  13. Raw Silk
  14. Shrimp Feed
  15. Gems
  16. Leather Shoes
  17. Crude Palm & Sunflower Oil
  18. Crude Soya bean
  19. Alcohol
  20. Compressors of Air Conditioners and Refrigerators.
  21. Automobile Parts
  22. Furniture
  23. Some Medical Equipment and Services
  24. Tobacco
  25. Cigarettes
  26. Kitchenware
  27. Raw Sugar
  28. Wall Fans
  29. Skimmed Milk
  30. Agro related Animal Items
  31. Coal

What all got Cheaper?

The government has slashed complete tax for senior citizens with certain restrictions. Moreover, 1% of startups will enjoy complete tax relaxation to raise the bar of innovation. In addition, a budget of around Rs 35k Crores is assigned for improving Covid-19 related problems. Below is the list, check it out.

  1. Income Tax for Senior Citizens
  2. Tax on Startups
  3. Tax for NRIs
  4. Healthcare Services
  5. Covid-19 Vaccine
  6. Digital Payments / Cashless Services
  7. Iron
  8. Steel
  9. Insurance
  10. Nylon Clothes
  11. Chemicals
  12. Gold
  13. Silver
  14. Naphtha
  15. Electricity
  16. Agricultural Equipments
  17. Copper

These were some of the key highlights of Budget 2021. Do share your thoughts with us on this Budget via the comments section below.

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Indian Budget 2021 Highlights: What to Expect from this Union Budget?
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Indian Budget 2021 Highlights: What to Expect from this Union Budget?
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Mobiles, Electronics, Petrol, etc are among the costlier ones whereas Income Tax on certain categories are reduced phenomenally, and iron, steel, gold & silver will become cheaper. All this as per our FM Nirmala Sitharaman.
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Zingoy
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