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Mixed Bag for Consumers

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New Delhi: Today’s budget has brought in mixed news for the consumers of the country. While people will be able to afford flat screens televisions with LEDs LCDs of 19 inches and below to be tax exempt, imported electronics and gadgets will go up by 10%. This would mean all HTC, Blackberry and APPLE products will see a hike from the already gigantic price tags they carry. But with the hike of duty free exempt goods from 35,000 to 45,000, many products will be viable to the young travelling consumer. Especially if the gadgets are bought from the US, which is famous for its low prices on electronics, and brought back to India.

Lovers of aerated drinks will be affected with added taxation to drinks with ‘added sugar’. The countries health minister has gone all out to target the unhealthy lifestyles. Arun Jaitley confessed after the budgets release that he had no sympathy for products like cigarettes and aerated drinks, whose taxes have increased. The growing number of young using tobacco products has increased drastically, consequently effecting the rise of diseases of the heart, lungs and mouth, but now with insatiable increase in all tobacco products from 11% taxation to 72% it could see a growth in smokers quitting and a decrease in new smokers.

The new government’s task of increasing the welfare of the people had hoped to see a personal tax exemption of five lakhs, however it’ll only see an increase of 50,000 from 2 lakhs to 2.5 lakhs. Jaitley commented that the challenging task of improving the economy meant taxing more, but the new budget still “puts more money and more saving for the people”.

The PPF which would see an Investment limit under Section 80C hiked to Rs 1.5 lakh from current Rs 1 lakh. A good news for the young professionals of our country, who with growing needs will have more money in the bank to spend, inevitably effecting the growth of the economy positively.

It is also good news for the shopaholics who will see a decline in prices of footwear and clothing. However it would also mean an increase in expenditure for an individual.
 

Budget 2014 for the Young

* Personal tax exemption limit raised to Rs 2.5 lakh from current Rs 2 lakh.

* PPF Investment limit under Section 80C hiked to Rs 1.5 lakh from current Rs 1 lakh

* Exemption on housing loans interest on self-occupied property increased from Rs 1.5 lakh to 2 lakh

* Cigarette prices to go up from 11% to 72%

* Tax on LEDs, LCDs to go from 10% to nil for sets of 19 inches and below.

* Tax on imported electronic and gadgets to go up by 10%

* Tax on diamonds and precious stones to be at 2.5%

* Pay less for packaged food, clothes and footwear

* Prices on aerated drinks with added sugar to increase by 5%

* Duty free exemption to increase from Rs 35,000 to 45,000

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