New Delhi: The Narendra Modi government today proved a tax-happy government that sought to Budget several welfare projects using ordinary citizens’ money. The Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied an additional surcharge on super rich and brought a tax on high-value cash withdrawals as she sought to spur growth with a reduction in corporate tax and sops to the housing sector, startups and electric vehicles.
This Modi 2.0 government’s budget proposed a number of changes to levies several items. Here are the lists of things that will cost more and less.
Budget 2019: Things that will be cheaper
1: Set-top boxes
2: Imported parts of electric vehicles
3: Electric vehicles
4: Camera module and charger of mobile phones
5: Affordable houses
6: Imported defence equipment
7: Imported raw material for the manufacture of artificial kidneys
8: Imported wool fibre, wool tops
Things that will be expensive
1: Cigarettes, hookah and chewing tobacco
2: Cash withdrawal over Rs. 1 crore/year
3: Split air-conditioners
6: Imported auto parts
7: Imported stainless steel products
8: Imported gold and precious metals
9: Imported paper and paper products including printed books
10: Imported loud-speakers, the indoor and outdoor unit of split AC
11: Imported plugs, sockets, switches
12: CCTV cameras, IP cameras, digital video recorders
14: Imported cashew kernels
16: Vinyl flooring
17: Metal fittings
18: Marble slabs
19: Ceramic tiles and wall tiles
20: Mountings for furniture
21: Optical fibre
22: Raw materials for the manufacture of soap
23: Fully-imported cars
Presenting the maiden budget of Modi 2.0 government in Lok Sabha, Sitharaman, the first full-time woman Finance Minister, proposed measures to ease liquidity crisis facing shadow banking sector (NBFCs) and providing Rs 70,000 crore capital to public sector banks while seeking to raise additional resources through privatisation of some PSUs.
In a relief to taxpayers, she provided for an additional deduction of Rs 1.5 lakh on interest paid on loans borrowed up to 31 March 2020 on purchase of a house up to Rs 45 lakh.