New Delhi: The Union Budget 2017 presented today by Finance Minister Arun Jaitley has made some commodities dearer while there are also some benefits for the common man.
With change in excise duty on many commodities, some become costlier while some cheaper:
CHEAPER: Booking railway tickets online; RO membrane elements for household usage; LNG; Solar tempered glass used in solar panels; Fuel cell based power generating systems; Wind operated energy generator; Vegetable tanning extracts used in making leather products; POS machines card and fingerprint readers; Group insurance for Defence services.
DEARER: Cigarettes, pan masala, cigar, cheroots, bidis, chewing tobacco; LED lamp components; Cashew nuts (roasted and salted); 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 are some of the impacts of the Budget 2017, the fourth budget of the Modi led government:
- Income Tax reduction and surcharge: While the income tax on people with an annual income of Rs 2.5 lakh to Rs 5 lakh has been reduced from 10 % to 5%, a surcharge of 10 % will now be levied on those with annual income between Rs 50 lakh to Rs 1 crore.
- Railway tickets: As such cost of railway tickets has not been changed but there is good news for those who book tickets online. The service tax for every online ticket of Rs 40 on air conditioned seat and Rs 20 on every sleeper class seat has completely been abolished in the budget.
- Education: Under Skill India mission 100 India International skill centres to be set up across the country that will provide advance training and also courses in foreign languages. The Centre has also proposed Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme (SANKALP) at a cost of Rs 4,000 crores. SANKALP will provide market relevant training to 3.5 crore youth. Also, Centre will take steps to create 5000 PG seats per annum.
- Cigarette, tobacco costlier: The Centre has raised the excise duty on cigars, cheroots, pan masala, cigarettes and other related tobacco products making them costlier.
- Medical devices will be cheaper now: The government will amend the Drugs and Cosmetics Rules to ensure availability of medicines at reasonable prices and also formulate new norms for the medical devices sector to bring in investments.
- Social security: As per this budget, LIC will provide a pension scheme with guaranteed return of 8 per cent for 10 years, as part of government’s social security and financial inclusion programme.