There is bad news for Tobacco consumers and smokers as finance minister, Arun Jaitley increased the taxes for these items in Union Budget 2017.
However, with a focus on clean energy sources, duties on fuel cell-based power generating systems, wind operated energy generator and solar tempered glass were reduced. Items such as solar panels, LED lamps, micro ATM’s, printed circuit board for mobiles, Iris scanners and finger-print machines are all set to become cheaper.
While on the other hand, tobacco and cigarettes, silver coins, pan masala, bidis, cashew nuts, water filter membranes and goods imported through parcels are going to become costlier.
While presenting the budget, Arun Jaitley said that, “Centre, through the Central Board of Excise and Customs, shall continue to strive to achieve the goal of implementation of GST (Goods and Services Tax) as per schedule without compromising the spirit of co-operative federalism.” Also he said that, “Implementation of GST is likely to bring more taxes both to central and state governments because of widening of tax net. I have preferred not to make many changes in current regime of Excise and Service Tax because the same are to be replaced by GST soon.”
Jaitley also stated his proposals on customs and excise duties will not lead to significant gain or loss to the exchequer.
Listed are some of items whose prices will differ after the Union Budget:
- Cigarettes, pan masala, cigar, cheroots, bidis, chewing tobacco
- Cashew nuts (roasted and salted)
- LED lamp components
- Polymer coated MS tapes used in manufacturing of optical fibres
- Silver coins and medallions
- Printed circuit board used in making mobile phones
- Aluminum ores and concentrates
- Booking railway tickets online
- RO membrane elements for household usage
- Solar tempered glass used in solar panels
- Wind operated energy generator
- Vegetable tanning extracts used in making leather product
- Group insurance for Defence services
- Point of Sale (PoS) machines card and fingerprint readers
- Fuel cell based power generating systems