Union Budget Of India | How It Impacts Import-Export?
If you want to know what is union budget of India is and who will present the union budget of India.
You are on the right page!
Here you will get the latest information on how this budget affects the import sector.
Hello, friends welcome to “Indiancustoms.info” Here in this article I explained what is union budget is and how it will affect the export-import industry.
If you are an exporter or importer you need to watch every budget carefully.
The union budget mainly impacts the export-import industry.
So, It’s very impotent for you to watch every budget presentation carefully.
First, let’s look at what is union budget.
Also Read:- How To Export From India To Other Country
What Is Union Budget?
As every individual make a monthly budget for their monthly income and expense.
In the same manner, our government makes plans for a whole financial year.
It’s known as the union budget.
In the union budget, the government makes an estimate of revenue and expense for a financial year.
And allow funds to the state government for a year.
When & Who Presents The Budget?
In India, the union budget is presented by the finance minister.
The union budget has usually present before starting a new financial year.
In India currently presented at the beginning of February.
But the new budget affected from 1st of April.
How Does It Affect Export-Import Industry?
Every budget affects the export-import industry directly and indirectly.
On every budget, government changes the duty structure on products.
Sometimes the government introduces a new duty on products.
So, you need to watch the budget carefully.
It does not matter whether you are an exporter, importer, businessman, or individual.
The union budget affects everyone.
It affects positively for some industries negatively for some industries.
It depends from industry to industry.
Union Budget Update 2021 On Import-Export.
On 1st February our honorable finance minister Nirmala Sitharaman present the union budget.
This budget is very important because it decides how India’s economy will recover.
Here below I provide Some major updates on the Union budget 2021.
- Finance minister announces Agri Infra Cess on certain items
- Customs duty on mobile hiked to 2.5%
- An exemption granted to the import of steel scrap
- Duty reduced on copper scrap
- Duty on Naptha reduced
- Duty on gold & silver rationalized
- Duty on solar inverters and lanterns hiked
- Duty hiked on auto parts
- 10% duty imposed on cotton
For more updates, you can download bellow documents, According to your needs.
If you face any difficulties downloading these files, please drop a mail at [email protected], and I will mail all the copies to your e-mail address.
I hope now you understand What Is Union Budget and how it impacts on export-import industry directly. Comment below if anyone has any suggestions or queries.