Finance Minister Nirmala Sitharaman in the Union Budget 2021-22 announced the revised custom duty policy under which she declared the government’s vision to promote domestic manufacturing.
Exemption duty on steel scrap is initiated till March 2022 and 2.5% cut is made in copper scrap, custom duty on Naptha is reduced to 2.5%. Further dutyy on shrimp feed is increased to 15% from 5% , on cotton it is increased to 10% from nil, and on silk it is increased to 15%. Finance minister announced.
Sitharaman also said that they want to bring bylon at par with polyester with respect to taxation. Regarding duties on gold & silver, Finance Minister announced that the new budget rationalizes custom duties on both.
Custom duty on solar lanterns is cut to 5%. The new custom duty structure will be put in place by October 1, 2021, said the Finance Minister.
Finance minister Nirmala Sitharaman concluded her Budget speech at 12.50 pm. Sitharaman spoke for a record 162 minutes i.e. 2 hours and 42 minutes in Lok Sabha. She only had two pages of her Budget speech unread, when she appeared uneasy and her Budget speech was cut short.
