New Delhi, February 1: Finance Minister Nirmala Sitharaman on Monday presented the Union Budget 2021 in the Lok Sabha. The Centre imposed Agriculture Infrastructure and Development Cess (AIDC) on several items. The new agri infra cess will be applicable from February 2, 2021, onwards.  Nirmala Sitharaman assured that the prices of the products would not be increased for end customers due to the imposition of AIDC. Agriculture Infrastructure Cess of 40% on Peas, Rs 2.5/Litre on Petrol, 100% on Alcoholic Beverages, 50% on Chick Peas in Budget 2021-22; Check Complete List.

The Finance Minister 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.” Notably, the Basic customs duty has been decreased on the products on which AIDC has been imposed so that the net price of the item remains unchanged. What Got Expensive And Cheaper After Budget 2021-22? From Petrol, Diesel to Alcohol, Mobiles and Home Appliances, List of Commodities That Got Costlier And Cheaper.

Here is the List of Products And Their Basic Customs Duty And AIDC: 

Table of products and their basic customs duty and AIDC (Photo Credits: indiabudget.gov.in/screenshot)
Table of products and their basic customs duty and AIDC (Photo Credits: indiabudget.gov.in/screenshot)
Table of products and their basic customs duty and AIDC (Photo Credits: indiabudget.gov.in/screenshot)

People can check the current basic customs duty on the products listed above by clicking on the link here. The percentage of basic customs duty at present will be equal to the sum of basic customs duty and AIDC from February 2, 2021. If the total duty after the imposition of AIDC remains the same, then the price of that product will also remain unchanged.

Meanwhile, in the Union Budget 2021-22, the income tax slabs for individuals remained unchanged. The only change was that senior citizens above 75 years of age would be exempted from filing an income tax return if their source of income is only salary and interest. The Union Budget 2021 focused on Prime Minister Narendra Modi’s Vision of Atma Nirbhar Bharat or Self Reliant India. It was the first budget after the outbreak of COVID-19 in India.

(The above story first appeared on LatestLY on Feb 01, 2021 04:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).