India’s Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget 2020. The Budget had key announcements about income tax rates, proposal to raise banks’ deposit insurance, LIC IPO launch, among others.
To make you understand the impact of this budget in a simpler way, we are presenting a list of some products that will get cheaper and expensive because of this Budget.
Expensive
1. Cigarettes, Tobacco products: FM raised excise duty on both.
2. Footwear: Customer duty on imported footwear hiked
3. Furniture: Customs duty on imported furniture increased.
4. Medical equipments: Health cess to be levied on import of medical equipment.
5. Wall fans: Customs duty on wall fans increased from to 20% from 7.5% earlier.
6. Kitchenware, tableware: Customs duty on tableware, kitchenware made of porcelain or China ceramic, clay iron, steel, copper doubled to 20%.
Cheaper
- Import of newsprint, lightweight coated paper
- Purified terephthalic acid
Source: Timesnownews
