Nirmala Sitharaman, the finance minister of India today presented her third budget. Expectations were high for experts and common people because the economy faced much contraction due to Covid-19 with rise in cost of fuel price and LPG. Moreover, the employment opportunities also dwindled.
The finance minister started her speech by saying that
the present budget was prepared in extraordinary circumstances. In the budget
Sitharaman didn't make any changes in the tax slabs. However, senior citizens
are exempted from filing the income tax returns but the paying banks would
automatically deduct tax on their behalf. The budget is beneficial for poll-bound states. The finance minister announced rs 95,000 crore for a road in Bengal.
The union budget directly impacts common man. It is likely to burn a hole in your pocket. According to experts, electronic items, mobile phones, charges, etc will get costlier while Iron, steel, nylon clothes, insurance, shoe will get cheaper. The government will withdraw exemption on parts of chargers and sub parts of mobiles.
Finance minister added, "For greater domestic value addition we're withdrawing a few exemptions on part of chargers and sub-parts of mobiles."
However, the agriculture and dry cleaning equipment is
going to be cheaper. As the government has increased the limit of FDI in
insurance sector to 74% from 49%, the Atmanirbhar plan also gets a thumbs up. Nirmala
Sitharaman made no changes in the personal tax or slabs.
Read More: Senior citizens to gain from Budget 2021, contingency fund rise