#Budget2018 Analysis: Products Which Got Expensive & Affordable!
Here's a brief analysis of the budget 2018 which reveals which products have become affordable and which ones have become more expensive.
Union Budget for 2018 has been delivered, and the changes announced will determine the future of business and economy; of salaried employees and consultants; of businesses and corporates.
Some very interesting facts and changes have been announced in the budget: For instance, the tax rate of firms with up to Rs 250 crore has been reduced to 25%; cash payments at all toll plazas will end; while salaried people paid Rs 76,000 tax on average, businesses paid only Rs 25,000!
As part of our budget analysis, here is the list of the products which became cheaper and ones which became more expensive.
Products Which Became Cheaper
- Due to drop in excise duty, the price of petrol and diesel reduced by Rs 2.
- Due to a reduction in customs duty from 5% to 2.5%, the price of cashews has reduced.
- The solar tempered glass used for manufacturing solar panels/modules. This will boost the renewable energy movement.
- All raw materials used in the manufacturing of cochlear implants have become cheaper.
- Prices of selected components used in electronics manufacturing, such as ball screws and linear motion guides, have been reduced. A detailed list will be soon announced.
- Several reductions in healthcare expenses.
- Prices of bricks, tiles and some other products for construction have been reduced.
Products Which Have Become More Expensive
- Due to an increase in import duty from 15% to 20%, imported mobile phones will be now expensive. However, if companies decide to make the same in India, then the prices will be same. This has been done under Make in India mission.
- TV Spare Parts and TV accessories will now be more expensive, as the customs duty has been increased from 10% to 15%.
- Prices of pre-packed fruit and vegetable juices will increase because the customs duty has been increased from 30% to 50%; Customs duty on Orange juice to increase from 30% to 35%, Cranberry juice will now go up to 50% from 10%.
- Customs duty on Cosmetics, perfumes to increase from 10% to 20%.
- Denture fixative pastes and other products under dental hygiene will now increase as customs duty has been increased to 20% from 10%.
- Customs duty on deodorants and shaving products increased to 20% from 10%
- Diamonds – both, natural and lab-produced, will be more expensive by 5%
- Duty on imitation jewellery has been increased as well, from 15% to 20%
- Customs duty on all furniture-related products have been increased from 10% to 20%; the price of mattresses will increase.
- Sports equipment will also become expensive, as customs duty has been increased to 20% from 10%.
- Customs duty on vegetable oils, cottonseed oil, groundnut oil has been increased to 30% from present 12.5%.
- Customs duty on refined vegetable oil has been increased to 30% from 20%.
- Imported watches and clocks will also become expensive.
- Sunglasses will now become more expensive.
- Price of miscellaneous food preparations other than soy protein will increase.
- Luxury products such as sunscreen, suntan, manicure, pedicure preparations will increase.
- Hygiene products such as pre-shave, shaving or after-shave preparations will increase.
- Prices of silk fabrics will increase.
- Price of truck and bus radial tyres will increase.
- Besides diamonds and imitation jewellery, the price of coloured gemstones will also increase.
- Prices of all wristwatches, pocket watches and clocks are set to increase
- Video game consoles and children’s toys such as tricycles, scooters, pedal cars, wheeled toys, dolls’ carriages, dolls and puzzles of all kinds will increase.
- Prices of cigarettes, lighters and candles will increase.
- Prices of scented sprays and similar toilet sprays will increase.
- Equipment for outdoor games, swimming pools and paddling pools will increase
Do let us know your views and opinions by commenting right here!
This is how the Union Budget of India is prepared.