Several budget proposals comes into effect from Sunday i.e. April 1, the beginning of the 2018-19 financial year, in accordance with the proposals made by the Finance Minister Arun Jaitley in the Union Budget 2018. Smokers and tobacco consumers will have to shell out more for their indulgence.
A large number of imported items, including mobile handsets, cars and motorcycles, fruit juices, perfumes, footwear, wrist watches and sunglasses will become costlier. Meanwhile, petrol, diesel and imported raw cashew nuts will become cheaper with the government reducing import duties on these items. The 2018 Budget had after a gap of 14 years reintroduced 10 per cent tax on LTCG (long-term capital gains).
Here is a list of what will become costly:
- Pay more on cigarettes, bidis and tobacco products.
- Excise duty on unmanufactured tobacco has been almost doubled to 8.3% from 4.2% earlier.
- Excise duty on pan masala has been hiked to 9% from 6%.
- Excise duty on cigar, cheroots has been changed to 12.5% or Rs 4,006 per thousand.
- Mobile phones and LED lights
- Aluminum ores and concentrates
- Polymer coated MS tapes used in manufacturing of optical fibres
- Silver coins and medallions
- Printed circuit board used in making mobile phones
Here is a list of what will be cheaper:
- Raw cashew nuts
- Solar tempered glass or solar tempered glass used for manufacture solar panels/modules
- Raw materials, parts or accessories used in making cochlear implants
- Select capital goods and electronics such as ball screws and linear motion guides
- Railway travel with e-tickets booked through IRCTC will become cheaper as service charge on it has been withdrawn.
- Reduced duties on solar tempered glass, fuel cell based power generating systems and wind operated energy generator will bring down their cost.
OneIndia News (with PTI inputs)