alexa
Home Articles 4 Things Which Became Cheaper After Union Budget 2017

4 Things Which Became Cheaper After Union Budget 2017

IndianMoney.com Research Team | Updated On Thursday, February 09,2017, 07:00 PM
5.0 / 5 based on 1 User Reviews

4 Things Which Became Cheaper After Union Budget 2017

 

After the Union Budget 2017, booking railway tickets online, just got cheap. The Government wants to promote renewable energy in the country and has reduced basic customs duty, on parts used in solar cells and wind generators. The Government wants you to go cashless. To promote cashless transactions, the Government has reduced duties on finger print readers and iris scanners, which make cashless transactions possible.

Booking train tickets online just got cheap

                                                                           

The booking of railway tickets online through the IRCTC website, just got cheaper. A service charge of INR 20 had to be paid when booking sleeper class tickets. A service charge of INR 40 had to be paid when booking AC class tickets. Railways will no longer levy a service charge on train tickets which are booked online through the IRCTC website. This move will promote online purchase of railway tickets.

Prices of solar cells to come down

                                                                             

Are you the kind who believes in clean green energy? There’s some good news for you. The Government wants to promote the use of renewable energy in the country. The basic customs duty on solar tempered glass used in the manufacture of solar photovoltaic cells, has been completely removed. Earlier, a basic customs duty of 5% was charged. This could bring down the price of solar photovoltaic cells.

Prices of wind generators to come down

                                                                              

The Government wants you to tap the power of the wind. The Government has reduced basic customs duty, countervailing duty (an additional import duty charged on imported goods) and special application tax on resins and catalysts, used in the manufacture of cast components for wind operated energy generators. Basic customs duty has been reduced from 7.5% to 5%. Countervailing duty has been reduced from 12.5% to 0. Special application tax has been reduced from 4% to 0. Time to look at wind generators for power needs?

Prices of Micro ATMs, Finger-Print Machines and Iris Scanners to fall

                                                                                   

The Government wants to push digital payments in India. The Government has removed all duties imposed on devices which are used for cashless transactions like point of sales machines, finger print readers and iris scanners. The Government has removed basic customs duties, countervailing duties and special additional duty charged on miniaturized card readers, mPOS micro atms, finger print readers and iris scanners. The Finance Minister has exempted components used in the manufacture of these devices, to promote domestic manufacturing of these devices. Digital India is in safe hands.

Want to know more on tax planning? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and capital markets.

Did you find this article useful? You can Rate us
5.0 / 5 based on 1 User Reviews
Article Author

IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

Get It now!