What’s cheaper, what’s dearer after Union Budget 2019
New Delhi: Finance Minister Nirmala Sitharaman in her maiden Budget speech has announced a slew of items that will become costlier as well as cheaper.
The most important item that will become costlier are petrol and diesel prices –the prices of which are set to rise as more excise duty will be be levied upon them by the government. Another item to fall under costlier list is the custom duty on gold and other precious metals.
As part of road and infrastructure cess (customs), the government has decided to hike the cess on the fuel products from Rs 8 per litre to Rs 9 per litre.
I propose to increase Special Additional Excise duty and Road and Infrastructure Cess each by one rupee a litre on petrol and diesel,” FM Sitharaman had said in her Budget speech.
The Finance Minister has also proposed to increase custom duty on gold and other precious metals from 10 percent to 12.5 percent.
In order to provide domestic industry a level playing field, the FM said basic customs duty is being increased on items such as cashew kernels, PVC, Vinyl flooring, tiles, metal fittings, mountings for furniture, auto parts, certain kinds of synthetic rubbers, marble slabs, optical fibre cable, CCTV camera, IP camera, digital and network video recorders etc.
Also, exemptions from custom duty on certain electronic items which are now being manufactured in India are being withdrawn.
