September-19: Public Interest
- Posted by CERC India
- Posted in september
How Budget 2019 affects the consumer
Every year the budget brings you things to be happy or not so happy about. Budget 2019 did not change income tax rates for the common tax payer, but hiked prices of many items.
Nutshell
- Petrol, diesel, gold, silver, imported cars and air-conditioners more expensive
- Home renovation with imported marble and tiles to cost more
- Home loans made more affordable
We give you some highlights of how this budget 2019 affects you as a consumer.
- Your commute will now cost more. Prices of petrol and diesel will increase between Rs 2.3 – 3 per litre with proposed increase in special additional excise duty and road and infrastructure cess.
- Gold jewellery becomes expensive. 10 g of gold at Rs. 35000 earlier will now cost Rs. 875 more as custom duty on gold and silver goes up by 2.5 %.
- Getting Italian marble flooring for your house will cost more. Custom duty on marble slabs has been raised up from 20 % to a hefty 40%.
- Buying an imported split air-conditioner will now make you feel the heat. Customs duty of 20% against 10% earlier will make your imported AC costing Rs 75,000 earlier cost Rs 82,500 now.
- Fully-imported cars will become more expensive to buy and maintain. Duty on imported cars goes up by 5 % and auto parts by 2.5-5 %.
- Listening to music through imported loudspeakers will cost you more. So will reading imported books making you pay more for that imported international best-seller.
- CCTV cameras for securing your house will be costlier if you buy imported cameras.
Ceramic and wall tiles, cashew kernels, PVC, Vinyl flooring, tiles, metal fittings, mountings for furniture, newsprint and paper for newspaper, magazines, Digital video recorders and cigarettes will also cost more. Certain items such as electric vehicle components, camera module and charger of mobile phones and set-top boxes will become cheaper.
First time home buyers can be happy as they can now claim interest deduction up to Rs. 3.5 lakhs instead of the earlier only Rs. 2 lakhs, making home loans more affordable.
Consumers can plan their future expenditure accordingly and hope for even better news in the next budget.
Sources: https://economictimes.indiatimes.com , www.thehindubusinessline.com , www.cnbctv18.com
