Find giving up smoking difficult? The Union Budget 2017 can help you quit this bad habit.
Smokers and tobacco consumers have some bad news. Excise duty on cigarettes of various lengths, has been increased by 2.5% to 6%, making smoking more costly. Excise duty on cigarettes and cheroots has been changed to 12.5%. Excise duty on paan masala has been increased from 6% to 9%. The Finance Minister has increased excise duty on handmade bidi by 33%.
Love changing your smart phone every 6 months? Not a good idea. There could be a small increase in the prices of mobile handsets assembled in India. The Finance Minister has proposed to levy customs duty on a component (Printed Circuit Board), which makes up more than a fourth of the cost of making the phone. Expect the price of mobile handsets to go up by around 1%. The Finance Minister has also increased duty on parts used in LED lights making them costly.
Yes, your favorite snack, roasted and salted cashew nuts will get more costly after Union Budget 2017. Imported cashew nuts will get more costly as basic customs duty has been hiked from 30% to 45%.
After this Budget, buying silver coins is not a good idea. Imported silver medallions which have silver content not below 99.9%, will be costlier after the Budget. So will silver coins. The Government has imposed countervailing duty (an additional import duty charged on imported goods) to 12.5%. This was 0 before the Budget.
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