New Delhi: Finance Minister Arun Jaitley will present the Union Budget 2018 in Lok Sabha today. The Budget 2018 will be different from the 88 previous Budgets in Independent India because of the Goods and Services Tax (GST), imposed on July 1 last year. Usually, a common man avidly waits for the Budget to know what gets costlier and what turns cheaper. However, this suspense is almost over due to the GST. There could be a change in rates only of those items that are outside of the GST purview, such as petrol and diesel.
Budget 2018: List of Items to Get Cheaper And Costlier
Customs duty on raw cashew will be reduced from 5 per cent to 2.5 per cent, which means that cashews will get cheaper. Television sets will also get costlier in thie financial year. Custon duties on both TV sets and mobile phones have been increased.
12:58 PM: There was no mention of petrol or diesel in the Budget 2018.
112:51 PM: Cashews (Kaaju) to get cheaper.
12:43 AM: Mobile phones will get costlier as the custom duty on the mobile phones have been increased to 20 per cent from 15 per cent.
11:36 AM: Excise duty on tobacco products are likely to be increased. Let’s wait a little more. What gets cheaper and what gets costlier will be updated shortly.
11:11 AM: Arun Jaitley has begun his speech. We will shortly know what gets cheaper and what gets costlier.
11:05 AM: Click Here to Catch Budget 2018 Railway Announcements
11:00 AM: Click here to catch Budget 2018 LIVE News Updates
11:00 AM: Finance Minister Arun Jaitley has reached Parliament. We will shortly know what items get cheaper and what gets costlier in the Budget 2018.
11:00 AM: Click Here to Watch Live Telecast of FM Arun Jaitley’s Budget 2018 Speech in Lok Sabha
Last year, Jaitley had presented a budget of Rs 21,47,000 crore 8.6% higher than the last year’s financial roll out at Rs 19,78,060 crore. In the Budget 2017-18, the finance minister had refrained from making major alterations in indirect taxes, keeping in sight the implementation of the GST on July 1, 2017. Prices for a few items such as gutkha, tobacco, cigarette, paan masala, and cigar soared up. In fact, excise duty was also raised from 4.2 per cent to 8.3 on all tobacco-based products.
The cheaper items included e-tickets as service tax on them was waived off, Customs duty on LNG reduced from 5 per cent to 2.5 per cent and was waived off on solar-powered glass panels.
This year, for Budget 2018, not much can be expected on the lists of items that get cheaper or costlier as now the GST Council decides tax rates for goods and services. In the previous Budget, Arun Jaitley had dropped indirect tax proposals making way for the GST. This year, the Budget 2018 for the fiscal year 2018-19 might not be on the “waited for” event for the masses. As before, people waited for what gets cheaper and what gets costlier for them, which has been dropped off because of GST. However, consumers could watch out for a few items such as petrol and diesel, among others, in the Budget 2018 speech by the finance minister. Stay with us to catch instant updates on what gets costlier and what gets cheaper in the Budget 2018.