Budget 2021: Which Products Are Now Cheaper? Which Are Now Expensive? Full List Here..
As we all know, the Union Budget for the new year 2021 was announced today by the Finance Minister of India, Nirmala Sitharaman.
While a lot of changes have now been announced in the new budget, read on to find out which commodities have become cheaper and which commodities will now be at an increased rate than before!
First Ever Fully Electronic Budget Announced For 2021
This year’s budget was the first ever fully electronically conducted budget. It is the first time in the history of Indian democracy that the union budget is going to be completely electronic. The decision was taken considering the COVID 19 guidelines since nearly 100 people are needed to gather together at the press to print the budget for around a fortnight.
The Finance Minister has assured that the Government will not place any additional burden on the consumers on most items.
She stated, “Consequent to imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, Basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden.”
The Union Budget for the year 2021-22 does not include a change in the income tax slabs for individuals, despite there being multiple rumors about the government giving tax relief for employees working from home. There also was the news about the possibility that basic tax exemption might be raised up to Rs. 5 lakhs under the budget for the new year.
The only change that was announced that senior citizens above 75 years of age will be exempted from paying income tax returns in their income source is only salary and interest.
Which Items Will Be Costlier?
The commodities that will become costlier include:
- Mobile chargers
- Mobile phones
- Crude Palm Oil
- electronic appliances
- Leather Items
- Mobiles And Home Appliances
Other than these, air conditioners might become costly as the customs duty on the components has been increased. The same is the case with refrigerators – the custom duty on compressors has been increased from 12% to 15%. Also, motor vehicles might also become cheaper as the customs duty on safety glass has increased from 10% to 15%.
Which Items Will Be Cheaper?
Whereas, the things that will become cheaper are:
- Custom Solar Lanterns
- Nylon Clothes
- Gold and Silver
- Silver Dore
- Steel Utensils
Additionally, automobile spare parts are also expected to become cheaper as the customs duty on scrap has been reduced.