Budget 2020: On February 1st, 2020, Finance Minister Nirmala Sitharaman in her second Budget speech announced major changes in tax slabs for individual taxpayers. Given that, a large number of items will now become more expensive due to a hike in taxes. At the same time, certain items including the import of newsprint, and lightweight coated paper will become cheaper. The FM in the budget speech promised: “We shall strive to bring ease of living to every citizen” and brought in the following changes.
Cheaper and costlier things in Budget 2020
Things that will turn out to be Cheaper
Import of newsprint
Lightweight coated paper
Purified terephthalic acid (PTA)
Things that will turn out to be Expensive
Import of medical equipment
Footwear
Furniture
Walnuts
Glassware (for use in the table, kitchen, toilet, office, or decoration)
Combs, hair-slides, hairpins curling pins, curling grips
Vacuum flasks and other vacuum vessels
Food grinders (Mixers)
Shaver’s
Hairdryers
Water and immersion heaters
Ovens, cookers, cooking plates, grillers, and roasters
Coffee and tea makers
Coins (Precious metals)
Water coolers
Refrigerators
Lamps and lighting
Toys – Tricycles, scooters, pedal-cars, dolls, and other toys
Stationery items
Wall fans
Parts of commercial vehicles
Catalytic converters
Porcelain or China ceramic, clay iron, steel, copper made tableware or kitchenware
Precious Stones and Metals (Rubies, emeralds, sapphires – imported uncut)
Headphones and Earphones
Cigarettes
Tobacco products
Protein shake (Whey)
Skimmed milk
Butter Ghee
Edible oils
Raw sugar
Food preparations (for infant use)
Peanut Butter
Wine (for use as sacramental wine)