Finance Minister Nirmala Sitharaman on Monday proposed imposing a new agri cess on certain imported goods and raising customs duty on items ranging from cotton to electronics in a bid to pull the economy out of the trough.
In the Budget for the fiscal year beginning April 1, a new Agriculture Infrastructure and Development Cess will be imposed from Tuesday on customs duty levied on bullion, alcoholic beverages, coal and agri products ranging from apple to lentil.
But to reduce the burden on consumer, customs or import duty on these items was cut.
A cess of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel was also slapped but this was offset by a reduction of an equivalent amount in the excise duty - making it price neutral for consumers.
The cess on import of 'gold and silver' will be 2.5 per cent, alcoholic beverages (100 per cent), crude palm oil (17.5 per cent), apples (35 per cent), 'coal, lignite and peat' (1.5 per cent), fertilizers, including urea (5 per cent), and cotton (5 per cent).
Tweeple took to the micro-blogging site to react to the same and shared hilarious memes and jokes.
Check them out here:
(Inputs from PTI)
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