Jul 11 2014 : The Economic Times (Bangalore)
SPEND MORE, BUT SIN LESS
The FM surprised consumers, making soaps, footwear, TVs and E-book readers cheaper. However, with fiscal and personal health in mind, the minister raised duties on cigarettes, other tobacco products and sugary aerated drinks like colas
BUDGET AT A GLANCE : CONSUMERWHAT'S CHEAPER...
Viewing Pleasure Prices of LCD and LED TVs that are smaller than 19 inches will drop by `5001,000 as customs duty on panels have been cut from 10% to zero. E-book readers such as Kindle and Kobo will be cheaper by 5% as import duty is now down to zero from 7.5%.
Beauty Bath Import duty cut on fatty acids and palm oil (from 7.5% to nil) will make soaps cheaper by year-end. “We have enough stock of raw materials. Hence, the price impact will reflect only by year-end,“ says P Ganesh, CFO, Godrej Consumer.
Sole Therapy Nike shoes will still cost the same, but some Bata pairs will be cheaper.
Excise duty on footwear priced between `500 and `1,000 has been slashed to 6% from 12%.
There is no excise duty on footwear costing less than `500.
Shopping Overseas Consumers travelling abroad can now shop for up to `45,000 without having to worry about paying any import duty back home.
The baggage allowance limit was earlier increased to `35,000 from `25,000 in 2012.
WHAT'S DEARER...
Sweet Pinch Prices of colas or any kind of aerated water with added sugar will rise by `2 to `10, depending on pack size, as excise duty has been increased by 5%.
“Prices of entry-level bottles will be intact, but prices of bigger bottles will go up,“ said a Coke official.
Sin Tax FM has hiked excise duty on cigarettes, tobacco products and pan masala. Excise on cigarettes has been hiked in the range of 11-72%.
Smaller cigarettes will now cost `2.50-3 more per stick.
Duty on pan masala is up at 16% from 12%.
Meter's Ticking Radio Taxi services have been brought into the service tax net. Your next taxi ride could cost you `2 to `3 more per km.
Siddhartha Pahwa, chief executive officer, Meru Cabs, said this will hurt both radio taxi companies and consumers.
Cost of Luxury An education cess of 3% and secondary and higher education cess of 1% have been imposed on imported electronic items. Prices of smart TVs that are 55-inch and above, imported goods like duct ACs and side-byside refrigerators will rise.
Viewing Pleasure Prices of LCD and LED TVs that are smaller than 19 inches will drop by `5001,000 as customs duty on panels have been cut from 10% to zero. E-book readers such as Kindle and Kobo will be cheaper by 5% as import duty is now down to zero from 7.5%.
Beauty Bath Import duty cut on fatty acids and palm oil (from 7.5% to nil) will make soaps cheaper by year-end. “We have enough stock of raw materials. Hence, the price impact will reflect only by year-end,“ says P Ganesh, CFO, Godrej Consumer.
Sole Therapy Nike shoes will still cost the same, but some Bata pairs will be cheaper.
Excise duty on footwear priced between `500 and `1,000 has been slashed to 6% from 12%.
There is no excise duty on footwear costing less than `500.
Shopping Overseas Consumers travelling abroad can now shop for up to `45,000 without having to worry about paying any import duty back home.
The baggage allowance limit was earlier increased to `35,000 from `25,000 in 2012.
WHAT'S DEARER...
Sweet Pinch Prices of colas or any kind of aerated water with added sugar will rise by `2 to `10, depending on pack size, as excise duty has been increased by 5%.
“Prices of entry-level bottles will be intact, but prices of bigger bottles will go up,“ said a Coke official.
Sin Tax FM has hiked excise duty on cigarettes, tobacco products and pan masala. Excise on cigarettes has been hiked in the range of 11-72%.
Smaller cigarettes will now cost `2.50-3 more per stick.
Duty on pan masala is up at 16% from 12%.
Meter's Ticking Radio Taxi services have been brought into the service tax net. Your next taxi ride could cost you `2 to `3 more per km.
Siddhartha Pahwa, chief executive officer, Meru Cabs, said this will hurt both radio taxi companies and consumers.
Cost of Luxury An education cess of 3% and secondary and higher education cess of 1% have been imposed on imported electronic items. Prices of smart TVs that are 55-inch and above, imported goods like duct ACs and side-byside refrigerators will rise.
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