“The revised estimate of the total receipts other than borrowings is Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore. The revised estimate of the total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore,” Finance Minister Nirmala Sitaraman said in her Budget speech on Wednesday.
The fiscal deficit is estimated to be 5.9 per cent of GDP for the next financial year beginning April 1.
“In my Budget speech for 2021-22, I had announced that we plan to continue the path of fiscal consolidation, reaching a fiscal deficit below 4.5 per cent by 2025-26 with a fairly steady decline over the period. We have adhered to this path, and I reiterate my intention to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26,” she said.
From the budget arrived a quick look at what will cost you more and what will now get cheaper:
What gets cheaper :
Mobile Phones : Due to Duty cut on the import of certain inputs for mobile phone manufacturing
Televisions : Customs duty on parts of open cells of TV panels has been cut to 2.5%
Fish Exports : Customs duty on shrimp feed to be reduced to promote exports
Artificial Diamonds : Basic customs duty on seeds used in the manufacturing of lab-grown diamonds to be cut
What gets costlier :
Cigarettes : Taxes on cigarettes hiked by 16%, a hike after nearly 3 years
Gold : Basic customs duty hiked on articles made out of gold bars
Kitchen Chimney : Customs duty on kitchen electric chimney raised from 7.5% to 15%
Rubber Products : Basic import duty on compounded rubber increased from 10% to 25%
Imported cars : Fully imported luxury cars and EVs to cost more as govt raises custom duty from 60% to 70%
