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Budget 2016 has been presented in Parliament and Arun Jaitley's proposals are set to take effect and the common man will find that he will be paying more for some things and less for others following changes in tax structure. Here are some of the changes that Budget 2016 has effected:
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Budget 2016: Arun Jaitley: Your favourite mode of communications will also turn dearer. Locally manufactured mobiles will become costlier by about 1 per cent because government has imposed duty on imported circuit boards used in them. Smart watches will also be dearer as they will now be subjected to retail sales price-based assessment of excise duty with an abatement of 35 per cent. (PTI)
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Budget 2016: Arun Jaitley's proposals have also ensured that soft drinks and mineral water will be dearer as he has proposed to hike excise duty on "water including mineral water, aerated water containing added sugar or sweetening matter" to 21 per cent from 18 per cent earlier. (Reuters)
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Budget 2016: Arun Jaitley has ensured that even the clothes you wear turn dearer. Branded readymade garments costing Rs 1,000 or more will become costlier as the excise duty on them has been increased to 2 per cent without CENVAT credit from nil earlier. (Reuters)
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Budget 2016: Arun Jaitley's Budget announcements have made air travel expensive due to increase in excise duty on aviation turbine fuel (ATF) to 14 per cent from 8 per cent besides the additional levy of Krishi Kalyan cess.
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The government has also introduced a new tax on cars sales aimed at fighting high levels of air pollution and congestion. Indeed India has some of the most polluted cities in the world such as Delhi, which is even more polluted than Beijing. However, soon after the temporary ban of sales of large diesel cars in Delhi by the Supreme Court, the new tax represents further disappointment for vehicle manufacturers as they were expecting much more from the Union Budget 2016. (PTI)
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Budget 2016: Arun Jaitley's proposals say that petrol/LPG/CNG driven vehicles of length not exceeding 4 meters and engine capacity not exceeding 1,200cc would attract a cess of 1 per cent. Diesel driven vehicles of length not exceeding 4 meter and engine capacity not exceeding 1,500cc will attract a cess of 2.5 per cent, while other higher engine capacity and SUVs and bigger sedans would be levied at 4 per cent. (PTI)
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The Union Budget 2016 presented by Finance Minister Arun Jaitley has sparked strong reactions from the automotive industry, particularly from the passenger vehicles manufacturers. The budget mainly concentrates on investment in rural India as well as infrastructure development. It has allocated Rs 970 billion over the next fiscal year on improving and building new roads and highways. (Reuters photo)
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Budget 2016: Arun Jaitley has continued the trend set by his predecessors and came down heavily on smokers and tobacco consumers by imposing up to 15 per cent excise duty on all tobacco products. "To discourage consumption of tobacco and tobacco products, I propose to increase the excise duties on various tobacco products other than beedi by about 10 to 15 per cent," Jaitley had said in his Budget speech.
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Budget 2016: Arun Jaitley has also made your wearables costlier. Customs duty on imported imitation jewelery has gone up from 10 per cent to 15 per cent while customs duty on industrial solar water heater has increased from 7.5 per cent to 10 per cent which will make these items costlier.(PTI)
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Budget 2016: Arun Jaitley has also targetted your ride. Traveling by hiring air-conditioned stage carriage will also become more expensive as it will now come under service tax with a rate of 5.6 per cent
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