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Budget 2019: What's cheaper and what's dearer - GST impact www.kanakkupillai.com
GST – Budget 2019 • Finance Minister Nirmala Sitharaman presented the maiden budget of Modi 2.0 announcing easing of FDI norms in single-brand retail. • After promising tax cuts and doles in the interim Budget, the BJP-led dispensation had raised expectations for their first full-fledged Budget after returning to power for a second time. • Here's a list of items that are expected to get cheaper and dearer as Sitharaman's proposals kick in.
Economical - electronic items Made in India electronic items: Electronic items made in India are set to become cheaper as the Finance Minister announced to withdraw customs duty on these items.
Electric Vehicles • The Finance Minister announced an additional income tax deduction of up to Rs 1.5 lakh on the loan taken to purchase an electric vehicle. • The net benefit will be of the order of Rs 2.5 lakh as India aims to become a global hub of manufacturing electric vehicles. • The GST rate on electric vehicles lowered from 12% to 5%.
Apple products To get cheaper as FM proposes to ease FDI norms in single-brand retail. Investment-linked tax benefit on manufacturing of products like lithium batteries and solar chargers.
Costlier - Petrochemicals Petrol and Diesel: Proposal to increase Special Additional Excise duty and Road and Infrastructure Cess each by one rupee a litre.
Gold: The Government proposed to increase customs duty on gold and other precious metals from 10% to 12.5%. • Tobacco products: Proposal to impose nominal basic excise duty on tobacco products
Imported books: To encourage domestic publishing and printing, 5% customs duty is being imposed on imported books. • Stainless steel products: It was proposed that duty be hiked from 5% to 7.5% on such items.
Electronic goods (Charger/ power adapter of CCTV camera/CCTV camera and IP camera): Such electronic goods are set to get costlier by at least 5%. • Split AC: Indoor and outdoor units of Split Air Conditioning units are set to get costlier by 10%. • Automobile and automobile parts: Imported automobile and auto parts to get costlier to make way for Make in India.
Textile • Fully-imported cars • Cashew Kernels • Imported plastics • Raw materials for manufacture of soap • Optical fibre • Ceramic tiles and wall tiles • Set top box • Import of defence equipment, not manufactured in India.
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