After a tumultuous 2020, as businesses came to a halt, this financial budget was extremely crucial especially for MSMEs. Owing to the covid-19 outbreak, several businesses had to pause their activities with no idea of normalcy. Today, as honourable finance minister, Smt Nirmala Sitharaman announced various initiatives planned by the government to aid the growing economy, the entire nation bated breath to learn about the new developments in the country’s financial structure.
Here are the major highlights of budget 2021-22. Our FM starts the budget2021 announcement by mentioning the challenges during the pandemic and the vision of the Pradhan Mantri Garib Kalyan Yojana. Nirmala Sitharaman proposes to review more than 400 old exemptions in customs this year. To put into place new customs duty structure by Oct-1, 2021.
- Revoking ADD and CVD on certain steel products
- Reducing duties on copper scrap from 5% to 2.5%
- Some parts of mobiles to move from NIL to 2.5% rate
- Cutting duty on copper scrap 2.5% from 5%
- Exempting duty on steel scrap for a specified period
Finance Minister Nirmala Sitharaman said the government will borrow Rs 80,000 crore in the remaining two months to meet FY21 expenditure. “Govt to borrow about Rs 12 lakh cr in FY22; expenditure pegged at Rs 34.83 lakh cr, including Rs 5.54 lakh cr of capital spending,” Sitharaman said.