New Delhi, February 1: Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2021-22 on Monday. In the budget unveiled today at the parliament an agricultural cess has been proposed on fuel thereby rising its price. Under the budget, the government has proposed a farm cess of Rs 2.5 per Litre on petrol. A farm cess of Rs 4 per Litre of diesel has also been proposed. Income Tax Slabs 2021-22 Update: No Changes in Personal Income Tax Slabs Announced in Union Budget Speech, Big Relief For Senior Citizens Above 75 Years of Age.
This will impact the entire supply chain and increase the market cost of all products. The spill over effect will make every good and service expensive with cess being levied at the fuel which directly impacts the cost of transportation of raw materials as well as finished products. Budget 2021-22 Speech Highlights: Rs 35,000 Crore For COVID-19 Vaccines, Voluntary Vehicle Scrapping Policy, FDI in Insurance Sector Hiked - What FM Nirmala Sitharaman's Third Budget Is All About.
The budget comes as the Indian economy struggles to revive from the pandemic-induced slowdown. The prolonged lockdown had hit various money generating activities negatively. Many people have been rendered unemployed and several business closed down.