Finance minister Nirmala Sitaraman on February 1 at 11 am will release the Union Budget 2022. The first part of budget 2022 has been started from January 31 and will continue till 11 February. The presentation of Union Budget 2022 will start at 11 am, finance minister Nirmala Sitaraman has already arrived at the ministry of finance. Not only her but MoS finance Pankaj Chaudhary and Bhagwat Karad also arrived at the ministry of finance ahead of the 2022 budget.
It is also reported that the Central government is going to revise, custom duties on components or sub-part of consumer electronics and mobile phones in order to encourage local manufacturing. Pallavi Singh, vice president of Super Plastronics PVT LTD (SPPL), India brand licensee of Westinghouse TV told HT that the retail sector urges the government to reduce GST on all consumer electronics to reflect those available on raw materials to reduce the disparity.
“With the Budget 2022- 23, we hope and sincerely urge that the government reduce GST on all consumer electronics to reflect those available on raw materials to reduce the disparity, especially since in today’s day and age, consumer electronics are tagged as necessities by all categories of consumers in India,” Singh said. She also added that the GST cut is necessary on televisions during Budget 2022. “With the current rate of 18 percent on televisions up to 32 inches only, there is a vast range of televisions that comes under the ambit of the 28 percent rate. A reduction in the rate to 18 percent even in televisions up to 43 inches will bring a huge relief,” she added. Avneet Singh Marwah, CEO at SPPL, exclusive brand licensee of Blaupunkt in India, told News 18 that as the country is going through another wave, this is an indication of how important Atma Nirbhar Bharat is. “To boost Indian manufacturing and MSMEs, we need a stable GST tax slab. No product should be above the 18 percent slab, and they must now encourage consumerism in order to improve market sentiment,” said.