Gold and silver will be cheaper, big relief in customs duty announced in budget

Budget 2021: The Finance Minister said that he is rationalizing the customs duty on gold and silver to bring it closer to the previous levels.

Budget 2021: The Finance Minister said that he is rationalizing the customs duty on gold and silver to bring it closer to the previous levels.

Budget 2021: The Finance Minister (Nirmala Sitharman) said that the customs duty was increased by 10 percent in July 2019, so the value of precious metals had increased sharply. The Finance Minister said that customs duties on gold and silver are being rationalized to bring them closer to the previous levels.

  • News18No
  • Last Updated:February 1, 2021, 3:40 PM IS

new Delhi. Finance Minister Nirmala Sitharman, while presenting the budget on Monday, announced a major reduction in customs duty on gold and silver. The Finance Minister said that at present 12.5 percent customs duty is levied on gold and silver. Although there was a 10 percent increase in customs duty in July 2019, the value of precious metals had increased sharply. The Finance Minister said that customs duties on gold and silver are being rationalized to bring them closer to previous levels.

The Union Finance Minister said that the government is making the customs duty on gold and silver logical. Customs duty has been increased on auto parts, solar energy equipment, cotton and raw silk. Apart from these, the customs duty on naphtha has been reduced to 2.5 percent. Steel scrap is exempted from customs duty till March 2022. The Finance Minister also proposed imposing infrastructure development cess on some products.

Finance Minister Nirmala Sitharaman, while reading the budget speech, said, “This budget is presented in an environment full of challenges. People lost their lives due to the corona virus epidemic. During this time we went to the account of 40 crore farmers, it was arranged The government announced 4 self-sufficient packages. We put 13 per cent of the GDP i.e. 27 lakh crore rupees in the market. ” Please tell that this is the seventh full budget of the Narendra Modi government. In the last 6 budgets, the central government has made several big announcements, including many types of exemptions in income tax.

Reacting to the budget presented by the Finance Minister, Prime Minister Narendra Modi said that this budget is going to highlight the confidence of India. He said that the budget of 2021 has been presented under exceptional circumstances. In this budget, emphasis has been laid on increasing the ease of living in the lives of common people by simplifying rules and procedures. There is also a feeling of reality and confidence of development in it. The budget will bring a very positive change in the infrastructure sector along with individual, industry and investors. The budget will bring changes in the country’s infrastructure and the youth will get employment.

The Prime Minister said that such budgets are rarely seen, in which good response should come in the beginning. Our government has insisted on making the budget transparent. The Prime Minister emphasized that the Corona period in India has been pro-active.



Leave a Reply

Your email address will not be published. Required fields are marked *