New Delhi: As Union Finance Minister Nirmala Sitharaman on Sunday was presenting the Upkeep 2026-27, as vision were on what gets cheaper and costlier for the consumers and businesses.
While, Nirmala Sitharaman presented her ninth upkeep subsequent Budget, the citizens were concerned well-nigh what items could pinch their pockets by getting costlier and what items will make them happy by getting cheap.
India’s GDP growth for FY27 is projected at 6.8 per cent to 7.2 per cent.
What gets cheaper?
- Essential cancer medicine: Cancer and diabetes medicines will be cheaper. Rs 10,000 crore have been kept for Biopharma Shakti Yojana. The Finance Minister on Sunday spoken the exemption of vital surcharge duty on 17 cancer-related drugs and medicines.
- Seven rare diseases will be widow to the list of diseases eligible for exemption from import duty on personal imports of drugs, medicines, and supplies intended for special medical purposes.
- Overseas tourism packages: Nirmala Sitharaman moreover proposed to reduce the TCS rate on the sale of overseas tour packages. The rate will be cut from the current 5 per cent and 20 per cent to 2 per cent.
- Foreign education: The Finance Minister during her speech moreover proposed to reduce the TCS (Tax Collected at Source) rate from current 5 per cent to 2 per cent for education and medical education under the Liberalised Remittance Scheme (LRS).
- Alcoholic liquor scrap and select minerals: Surcharge duty reduced from 5 per cent to 2 per cent.
- Leather goods: Duty-free imports of specific inputs currently misogynist for exports of leather were spoken by Finance Minister Nirmala Sitharaman during the budget. "I moreover propose to indulge duty-free imports of specified inputs which is currently misogynist for exports of leather or synthetic footwear to exports of shoe uppers as well," she said.
- Microwave ovens: Finance Minister spoken exemption from the vital surcharge duty (BCD) on specified parts used in the microwave oven manufacturing..
- Energy transition equipment: Vital surcharge duty (BCD) exempt.
- Solar glass ingredients: The Finance Minister has proposed BCD exemption on Solar glass ingredients.
- Capital goods for hair-trigger minerals: Vital surcharge duty exempted.
- Components and parts for civil watercraft manufacturing: Vital surcharge duty exempted.
- Personal-use imports: Vital surcharge duty cut from 20 per cent to 10 per cent.
- Fish reservation by Indian fishermen in Indian waters: Vital surcharge duty exempted.
- Goods imported for nuclear power projects: Nirmala Sitharaman propose to exempt Vital surcharge duty.
What get costlier?
- Luxury goods: Luxury items such as watches and swig may get costlier.
- Income tax misreporting: Penalty has been raised to 100 per cent of the tax amount.
- Non-disclosure of movable assets: In specimen of non-disclosure of movable assets, person has to pay penalty.
- Stock options and futures trading: Securities Transaction Tax (STT) raised from 0.02 percent to 0.05 per cent.
