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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.


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