Union Budget 2021: 100 percent (AIDC) cess to be imposed on specified goods
The much-talked-about Union Budget delivered by Union Finance Minister Nirmala Sitharaman has shocked the average taxpayer in the country. The budget gave one more reason to worry about.
In the budget, the FM has proposed new a cess on imported alcoholic beverages. Imported alcohol liable to impose a cess of 100 percent.
On top of this, the budget has also proposed to impose Agriculture Infrastructure and Development Cess (AIDC) on petrol, diesel, gold, silver, and other items. The amount Centre earns from the cess will be used to develop the agricultural infrastructure.
As the cess will be imposed on the imported alcoholic beverages, the Union government has decided to bring down the customs duty to 50 percent. The decision was taken to see that the consumers will not face extra burden.
The alcoholic goods include Brandy, Bourbon, whiskey, Scotch, etc. The Finance Minister said, all the measures were being taken to see that extra burden will not have an extra burden on several items.
On the other hand, the Union Budget proposes the idea to levy a cess of 2.5 percent on gold, silver, and dore bars. crude palm oil (17.5 percent), crude soyabean and sunflower oil (20 percent), apples (35 percent), coal, lignite and peat (1.5 percent), specified fertilisers (5 percent), peas (40 percent),kabuli chana (30 percent), chick peas (50 percent), lentils (20 percent), and cotton (5 percent) are the other items on which the cess will be imposed.
The Agriculture Infrastructure and Development Cess (AIDC) of Rs 2.5 and Rs 4 will be imposed on petrol and diesel making the fuel even costlier.
In the budget, the FM has proposed new a cess on imported alcoholic beverages. Imported alcohol liable to impose a cess of 100 percent.
On top of this, the budget has also proposed to impose Agriculture Infrastructure and Development Cess (AIDC) on petrol, diesel, gold, silver, and other items. The amount Centre earns from the cess will be used to develop the agricultural infrastructure.
As the cess will be imposed on the imported alcoholic beverages, the Union government has decided to bring down the customs duty to 50 percent. The decision was taken to see that the consumers will not face extra burden.
The alcoholic goods include Brandy, Bourbon, whiskey, Scotch, etc. The Finance Minister said, all the measures were being taken to see that extra burden will not have an extra burden on several items.
On the other hand, the Union Budget proposes the idea to levy a cess of 2.5 percent on gold, silver, and dore bars. crude palm oil (17.5 percent), crude soyabean and sunflower oil (20 percent), apples (35 percent), coal, lignite and peat (1.5 percent), specified fertilisers (5 percent), peas (40 percent),kabuli chana (30 percent), chick peas (50 percent), lentils (20 percent), and cotton (5 percent) are the other items on which the cess will be imposed.
The Agriculture Infrastructure and Development Cess (AIDC) of Rs 2.5 and Rs 4 will be imposed on petrol and diesel making the fuel even costlier.