The General Budget 2021 is just a few days away. Finance Minister Nirmala Sitharaman on February 1, 2021 Budget Will present. Because people are usually waiting for income tax relief GST Once implemented, there is nothing left to declare in the budget regarding indirect taxes. That is, there is much scope for announcing what will be cheaper and what the budget is. But according to media reports, the government may cut customs duties on a number of issues.
Import duty on about 20 products may be reduced
According to sources, if all goes well, customs duty on furniture raw materials, chemicals, telecom equipment and rubber products may change. According to sources, import duty on more than 20 products like polished diamonds, rubber goods, leather garments, telecommunications equipment and carpets may be reduced. Its effect will be seen on the prices of finished goods. Reducing customs duty can make some things cheaper. Changing the import duty on these items will help the Self-Reliant India Campaign and boost domestic manufacturing.
Can furniture be cheaper?
Custom duty can be waived on some of the raw materials used to make furniture such as rough wood, swan wood and hardwood. That is, the custom duty on some wood and hardboard etc. can be completely abolished. According to sources, sources said that expensive raw materials are affecting India’s competitiveness in the international market. Furniture exports from the country are very low (about 1 per cent), while countries like China and Vietnam are far ahead of India.
Freeze, tax on washing machine can be increased?
According to sources, the government is also considering reducing customs duty on coal and copper scrap. The government has already taken some steps to boost domestic manufacturing. While some finished goods such as fridges, washing machines and cloth dryers may be taxed.
Help is being received from the PLI scheme
The government has taken some steps to boost domestic manufacturing. It has come up against production linked incentive schemes for some sectors like AC and LED lights. Changing the import duty on these matters will help the Self-Reliant India Campaign and boost domestic manufacturing. Last year, the government increased customs duties on some products such as furniture, toys and footwear.