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While presenting the Union budget for 2018-19, Finance Minister Arun Jaitley has announced a huge sum of the budget to be provided to different sectors of the economy. Arun Jaitley has presented the budget in the parliament today which has come up with different schemes to empower the farmers and rural areas of India. This year’s budget session was one of the most awaited budgets after the imposition of Goods and Services Tax (GST) on July 1, last year. Every year, the common man looks up to the Union Budget to go through the things that get costlier and those who turn cheaper.
As the Union Budget 2018 comes up with certain change in excise and customs duties on certain items which are set to get costlier after the budget. The common man is most concerned about the prices of petrol and diesel. As the custom duty on mobile phones has been increased from 15% to 20%, the customers who buy foreign products will face higher prices. The Education cess has been increased from 3% to 4%. Here, we have come up with the list of things that have become costlier as per the changes are done by the government:
The following products will turn costlier:
- Mobile phones, televisions will become costlier as the custom duty has been increased from 15% to 20%.
- The cigarettes, tobacco products are to become costlier as the excise duty has been increased on both of them.
The following products will turn cheaper:
- Kaju (Cashew) is to be turned cheaper as the custom duty on raw cashews will be reduced from 5% to 2.5%.
- Footwear has also got cheaper.
The Union Budget 2018 has also come up with various schemes for the development of the rural areas. The NDA government has also provided farmers with higher MSP to support the agricultural sector. The Union Budget 2018-19 was the most awaited budget session as it was the last budget session presented by the ruling party ahead of the assembly elections 2019.