Business

Govt imposes cess on host of items to fund agri infra development

In a bid to increase agriculture infrastructure, the federal government on Monday introduced a cess on sure items, together with petrol, diesel, gold and a few imported agricultural merchandise.

While proposing the Agriculture Infrastructure and Development Cess (AIDC), Finance Minister Nirmala Sitharaman additionally stated that care has been taken not to put extra burden on shoppers on most items.

There is a right away want to enhance agricultural infrastructure in order that we produce extra, whereas additionally conserving and processing agricultural output effectively, the minister stated in her Budget Speech in Lok Sabha.

 

“This will guarantee enhanced remuneration for our farmers. To earmark sources for this goal, I suggest an Agriculture Infrastructure and Development Cess (AIDC) on a small quantity of items.

“However, while applying this cess, we have taken care not to put additional burden on consumers on most items,” the minister stated.

As per the Budget paperwork, AIDC of Rs 2.5 per litre has been imposed on petrol and Rs 4 per litre on diesel.

“Overall, there would be no additional burden on the consumer,” the minister stated.

Consequent to imposition of AIDC on petrol and diesel, the Basic Excise Duty (BED) and Special Additional Excise Duty (SAED) charges have been diminished on them in order that total shopper doesn’t bear any extra burden.

Consequently, unbranded petrol and diesel will entice fundamental excise responsibility of Rs 1.4, and Rs 1.8 per litre, respectively. The SAED on unbranded petrol and diesel shall be Rs 11 and Rs 8 per litre, respectively.

Similar modifications have additionally been made for branded petrol and diesel.

The cess on import of ‘gold and silver’ shall be 2.5 per cent, alcoholic drinks (100 per cent), crude palm oil (17.5 per cent), apples (35 per cent), ‘coal, lignite and peat’ (1.5 per cent), fertilizers, together with urea (5 per cent), and cotton (5 per cent).

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