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Budget 2019: What''s cheaper and what''s dearer - GST iimpact
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GST – Budget 2019
Finance Minister Nirmala Sitharaman presented the
maiden budget of Modi 2.0 announcing easing of FDI
norms in single-brand retail.
After promising tax cuts and doles in the interim Budget,
the BJP-led dispensation had raised expectations for their
first full-fledged Budget after returning to power for a
second time.
Here's a list of items that are expected to get cheaper
and dearer as Sitharaman's proposals kick in.
Economical - electronic items
Made in India electronic items:
Electronic items made in India are set to become cheaper
as the Finance Minister announced to withdraw customs
duty on these items.
Electric Vehicles
The Finance Minister announced an additional income
tax deduction of up to Rs 1.5 lakh on the loan taken to
purchase an electric vehicle.
The net benefit will be of the order of Rs 2.5 lakh as
India aims to become a global hub of manufacturing
electric vehicles.
The
GST rate on electric vehicles lowered from 12% to 5%.
Apple products
To get cheaper as FM proposes to ease FDI norms in
single-brand retail. Investment-linked tax benefit on
manufacturing of products like lithium batteries and
solar chargers.
Costlier - Petrochemicals
Petrol and Diesel:
Proposal to increase Special Additional Excise duty and
Road and Infrastructure Cess each by one rupee a litre.
Gold: The Government proposed to increase customs
duty on gold and other precious metals from 10% to
12.5%.
Tobacco products: Proposal to impose nominal basic
excise duty on tobacco products
Imported books: To encourage domestic publishing and
printing, 5% customs duty is being imposed on imported
books.
Stainless steel products: It was proposed that duty be
hiked from 5% to 7.5% on such items.
Electronic goods ( Charger/ power adapter of CCTV
camera/CCTV camera and IP camera): Such
electronic goods are set to get costlier by at least 5%.
Split AC: Indoor and outdoor units of Split Air
Conditioning units are set to get costlier by 10%.
Automobile and automobile parts: Imported
automobile and auto parts to get costlier to make way for
Make in India.
Textile
Fully-imported cars
Cashew Kernels
Imported plastics
Raw materials for manufacture of soap
Optical fibre
Ceramic tiles and wall tiles
Set top box
Import of defence equipment, not manufactured in India.
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Gst Registration Online
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Consultants in Chennai, Tamil Nadu at Kanakkupillai.
Kanakkupillai provides you with all types of GST
Filling and Registration in Chennai. Get in Touch at
7305345345 and get FREE consulting. Being the best
Business Service providers Kanakkupillai specialists fix
all your assessment issues at one step.
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