Colour TV, computers get cheaper; cigarettes, soft drinks costlier
New Delhi: Markets reacted that the government had no clear vision on how to go about fixing the problems in the economy. Indian Finance Minister’s Budget too was not exactly overflowing with specific timelines for tackling some of the distressing issues. The market first dropped sharply, then rallied with even greater force, before closing on a subdued note, but well off the day’s lows on budget day. The Budget is certainly a mixed bag, and both the industry and market appears to be unable to decide what to make of it.
The good part is that Jaitley has managed to come up with something for everybody, be it industry, markets or the middle-class.
Here are the highlights of Union Budget 2014 tabled by finance minister Arun Jaitley on Thursday:
* Tax proposals on indirect tax front would yield Rs 7,525 crore.
* Additional 5% excise tax to be levied on aerated drinks with added sugar (cold drinks). Tobacco products also to get costly as excise duty hiked to 72%
* Government announces reduction in excise duty for specified food package industry from 10% to 6%.
*Excise duty on footwear reduced from 12% to 6%
* Government announces measures to encourage manufacture of LCD/LED panels of TVs.
* Housing loan rebate to raised from Rs 1.5 lakh to Rs 2 lakh.
* Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2.0 to Rs 2.5 lakh. For senior citizens, no tax for income up to Rs 3 lakh per annum.
* CRT television
* LED/LCD TVs especially below 19 inch
* E-book readers
* Desktop, laptops and tablets
* RO based water purifiers
* LED Lights, fixtures and lamps
* Pre forms of precious and semi-precious stones
*Cigarettes and Tobacco
* Aerated drinks with sugar
* Imported electronic products
* Portable X-ray machines