Union Budget 2019: How would it affect consumers?
Here is a list of items that would be cheaper and costlier after the announcement of Union Budget 2019.
Finance Minister Nirmala Sitharaman presented the maiden budget 2019 on 5th July 10, 2019. Everyone is wondering what is cheaper and what is costlier after the announcement of this budget. We have prepared a list of items affected by this budget.
What is cheaper?
Electric vehicles: With an aim to become a global hub of manufacturing electric vehicles, custom duty is being exempted on electric vehicles and the GST rate has been lowered to 5% from 12%. The finance minister also made announcement of additional tax deduction of up to 1.5 lakh on the for the purchase of electric vehicles.
Electronic items made in India
The finance minister announced withdrawal of custom duty on electronic items made in India to promote Make in India programme.
Apple products: As government is easing the Foreign Direct Investment (FDI) regulations in single-brand retail, Apple products will get cheaper.
Here are the products that got cheaper
- Silicon Tetra Chloride
- Germanium Tetra Chloride
- Refrigerated Helium Liquid
- Silica Rods
- Silica Tubes
- Wool fibre, wool top
- Hot rolled coils
- Cold-rolled annealed and pickled coils
- Amorphous alloy ribbon
- Cobalt mattes
- Populated PCBA
- Camera module of cellular mobile phones
- Charger / adapter of cellular mobile phone
- Lithium lon cell
- Display module
- Set Top Box
- Compact camera module
What is costlier?
Petrol and diesel: With the increase in special additional excise duty and road & infrastructure cess, the price of petrol and diesel are expected to increase between Rs. 2 to 3 litre across India.
Gold: As the government proposed to increase the custom duty on gold and other precious metals, such as gold, silver, platinum, from 10% to 12.5%, purchasing jewellery will be costlier. 10gm Swiss gold coin is likely to be Rs. 900 costlier.
Tobaco products: As the government proposed to impose nominal custom duty on tobacco products, cigarettes and tobacco products are likely get a little expensive.
Marble slabs: Finance Minister has proposed to hike import duty on marble slabs by 20%. Increase on marble slab will translate into costlier Italian marble flooring. A luxury backlit Italian Onyx marble likely to be Rs. 500 costlier.
Air conditioner: Split Air conditioning units are expected to get costlier by 10%. If you are planning to get a 2-tonner O’General air conditioner, its cost may go up by 7,500.
Imported books: As there was no tax on books, reading imported books was easy. Now, with import duty on books, if you want to read international book, you will have to pay Rs. 320 for a book costing Rs. 3000.
Imported cameras: If you buy an imported CP Plus CCTV camera, which previously costed Rs. 5,899, will now cost Rs. 6,175.
Apart from above mentioned products, expensive items include
- Cashew kernels
- Floor cover of plastics, wall or ceiling coverings of plastics
- Uncoated lightweight papers
- Ceramic roofing tiles, ceramic flags, hearth and wall tiles
- Stainless steel products
- Loud speakers
- Optical fibres, optical fibre bundles and cables
- Auto parts