New Delhi, February 1: Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget for the year 2020-21. The announcements by Sitharaman brought major relief to individual taxpayers as the finance minister slashed tax rates (as expected). Following the tradition, a large number of items such as cigarettes, tobacco products, and medical equipments are set to become dearer due to an increase in taxes of these items. Budget 2020: Full Text of Nirmala Sitharaman's Speech in Hindi And English, Download PDF Here.

Meanwhile, items like Tuna bait, raw sugar, agro-animal based products, skimmed milk and certain alcoholic beverages, soya fibre will become cheaper. Union Budget 2020-21: Nirmala Sitharaman Estimates Nominal GDP Growth for FY 20-21 at 10%, Fiscal Deficit at 3.8%.

Products Set to Become Cheaper and Dearer After the Budget

 

Commodities Set to Become Dearer

-Cigarettes and tobacco products.

-Footwear and furniture increased.

-Imported medical equipment.

-Wall fans

-Customs duty on China ceramic, tableware/kitchenware made of porcelain and clay iron, steel, copper.

Commodities Set to Become Cheaper

- Newsprint, lightweight coated paper.

-Anti-dumping duty on purified terephthalic acid (PTA) abolished, reported livemint.

-Raw sugar, agro-animal based products, Tuna bait, skimmed milk,on  certain alcoholic beverages, soya fibre, soya protein withdrawn as custom duty has been exempted from these.

Besides the above mentioned products and underlining India’s focus on environment preservation and climate change, the government has set aside Rs 4,400 crore to spend under this head in this year’s Union Budget, Finance Minister Nirmala Sitharaman announced on Saturday.

She said India will host the G20 Presidency in 2022. Environmental pollution is emerging as a major threat with industrial and infrastructure development in India as well as globally, forcing the governments to dedicate increased resources to preserve the environment and battle climate change, reported ANI.

(The above story first appeared on LatestLY on Feb 01, 2020 04:03 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).