New Delhi: Union Finance Minister Nirmala Sitharaman presented her second budget in parliament today and bought major relief to individual taxpayers by introducing reduction in tax slabs and cut income tax rates for earnings up to Rs 15 lakh per year, making it optional for taxpayers who will then have to let go of 70 exemptions.
In her budget speech Sitharaman said, ''Exemptions from customs duty has been given in public interest from time to time. On review, some exemptions are being withdrawn. Rest will be reviewed after September 2020.''
After the introduction of new tax slabs and withdrawal of customs duty exemption from various products, here's what got cheaper and what will cost more to common public after the Budget 2020-21.
Here's the complete list:
Cheaper:
- Purified terephthalic acid (PTA)
- Newsprint paper
Costlier:
- Furniture
- Footwear
- refrigerator
- catalytic converters
- parts of commercial vehicles (other than electronic vehicles)
- tableware/kitchenware
- clay iron
- steel
- copper
- Raw sugar
- agro-animal based products
- Tuna bait
- skimmed milk
- certain alcoholic beverages
- soya fibre
- soya protein
The Budget also provided for e-commerce operators to deduct TDS on all payments to e-commerce participants at 1 per cent with PAN/Aadhaar, 5 per cent in non-PAN/Aadhaar.
