Union Finance Minister Mr P Chidambaram presented the Union Budget 2013-14 in the parliament yesterday. A lot of measures and allocations were announced. But how does the budget affect you, as an individual? Which items will become cheaper, and which will become costlier?
– Cigarettes will be costlier now. The excise duty has been raised by 18%
– Additional 6% duty on mobile phones that cost > 2k. So phones will now be dearer!
– Eating out at a fine restaurant will become more expensive. All AC restaurants will have to pay service tax.
– 100% customs duty on imported cars!
– 4% duty on Silver now!
– Set top boxes will also be expensive now as the duty has been raised.
– TDS will be levied @ 1% on properties being sold for over 50 lakhs.
– Handmade carpets of jute or choir will now be cheaper. No excise duty on these items any more!
– Vocational courses and agricultural testing services will be expemt from service tax.
– Abatement rates on luxury apartmnets will be now reduced.
– Securities Transaction Tax on mutual funds will be lowered.
– Limit of duty free gold that an individual can buy will now be raised. So jewellery might get cheaper!
Apart from this, the FM has announced a certain allocation from this year’s budget to the issues related to safety and condition of women in the country. Launch of a women’s only public bank has also been announced.