- Vedanta to create $10 billion fund to bid for BPCL stake, other assets, Chairman Anil Agarwal says
- Bulk Deals: Rakesh Jhunjhunwala picks stake in Indiabulls Housing on Tuesday; buys stake from RARE Enterprises, company backed b
- 5G deployment in US becomes bone of contention between airlines, telecom companies AT&T and Verizon; Air India, Emirates cancel
- Manpower cost likely to increase in next 2 quarters: Virender Jeet, CEO, Newgen Software
- Toyota Kirloskar unveils Hilux; company likely to reveal price next month, delivery starts in April 2022
Here's list of products proposed in Budget 2017 set to be costlier, cheaper
Find out which products will be costlier and cheaper as the Government of India has announced its Union Budget 2017-18 and has hiked customs and excise duties on some products.
Finance Minister Arun Jaitley presented India's Union Budget 2017-18 in Lok Sabha on Wednesday.
The Government of India for the first time merged the Union Budget with the Railway Budget and advanced its announcement on February 1 as against the traditional practice of presenting it on the last working day of February.
In order to stimulate the country's economic growth, FM Jaitley in Budget 2017 proposed to reduce the basic customs duty (BCD) on liquefied natural gas (LNG) from 5% to 2.5% on the back of the wide range of use of LNG as fuel as well as feed stock for petro-chemicals sector.
The basic customs duty on solar tempered glass used in the manufacturing of solar cells/panels has been reduced to zero from earlier 5%.
He has lowered the countervailing duties (CVD) on Membrane Sheet and Tricot / Spacer from earlier 12.5% to 6% in the budget. Membrane Sheet and Tricot / Spacer are used in the manufacture of RO membrane element for household type filters, subject to actual user condition.
ALSO READ: Here's snapshot of Union Budget 2017 in two minutes
Jaitley maintained the excise duty of 12.5% on tobacco and tobacco products.
In order to conserve domestic resources, Jaitley has imposed export duty of 15% which was earlier zero on other aluminium ores including laterite.
Similarly, Jaitley has imposed excise duty of 6% on all parts used in the manufacture of LED lights or fixtures, including LED lamps, subject to actual user condition.
Besides, the Finance Minister has increased the basic customs duty on Co-polymer coated MS tapes / stainless steel tapes from zero to 10%. Co-polymer coated MS tapes / stainless steel tapes are used for manufacture of specified telecommunication grade optical fibres or optical fibre cables, subject to actual user condition.
It has hiked the basic customs duty on cashew nut, roasted, salted or roasted and salted from 30% to 45% while it has imposed special additional duty (SAD) of 2% on populated Printed Circuit Boards (PCBs) usded in the manufacture of mobile phones, subject to actual user condition.
Here's a list of what's costlier and cheaper:
2. Pan masala
6. Chewing tobacco
7. LED lamp components
8. Cashew nuts
9. Aluminum ores and concentrates
10. Polymer coated MS tapes used in manufacturing of optical fibres
11. Silver coins and medallions
12. Printed circuit board used in making mobile phones
1. Booking railway tickets online
2. RO membrane elements for household usage
4. Solar tempered glass used in solar panels
5. Fuel cell based power
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.