Budget 2018: Did Jaitley Just Increase Your Home-Running Cost?

Although no changes were announced for tax slabs in the Union Budget 2018-19, Finance Minister (FM) Arun Jaitley announced a hike in duties of certain household products, making them dearer. This will make running your household costlier. The FM has announced a hike in duties of many imported items to discourage common man to buy such items. The aim is to push government's Make-in-India initiative further.

Here are certain things that will have an impact on your personal budget:

Bumpy ride ahead: Planning to buy an imported automobile such as car or bike? Get ready to pay a higher duty. Customs duty on completely knocked down (CKD) imports of motor cars and motor cycles will go up from 10 per cent to 15 per cent. On the other hand, the completely build units (CBU) will be five per cent dearer. The duty on these has been increased to 25 per cent from 20 per cent earlier.

Duty-bound: After a great deal of research, did you finally decide to buy a mobile phone of one of the top international brands? You will have to shell out a little more. The mobile handsets will be dearer as Customs duty on these has been hiked to 20 per cent from earlier 15 per cent while some of their parts and accessories will now attract duty of 15 per cent.

Also, for those planning to buy a television for their home will have to pay Customs duty of 15 per cent.

Losing sheen: All the ladies who save for months only to invest in a piece of gold or diamond jewellery will have to save some more. The FM has announced that imported gold items, including gold plated with platinum, unwrought or in semi manufactured form, will become costlier as there will be a surcharge of three per cent of the aggregate duties of Customs from nil earlier. Also, for those who use international make up products will have to pay a little more, too, as perfumes, eau de toilette (commonly known as toilet water) and imported beauty and make up preparations will now attract customs duty of 20 per cent as against 10 per cent earlier.

Fashion costs: Custom duty on imported footwear, silk fabrics, wrist watches, pocket watches, smart watches/wearable devices and sunglasses has been doubled to 20 per cent.

Staple, is it? Not just the fancy things, some of your groceries will become dearer, too. This includes vegetable juice, cranberry juice, orange juice, crude edible vegetable oils, and nuts. Customs duty on imported fruit juices has been hiked by up to 40 per cent. Imported cranberry juice will now attract Customs duty of 50 per cent from 10 per cent earlier. Duty on orange fruit juice has gone up from 30 per cent to 35 per cent while duty on other fruit and vegetables juice has been increased to 50 per cent from 30 per cent earlier.

Customs duty on crude edible vegetable oils such as olive oil, groundnut oil will now be 30 per cent from the earlier 12.5 per cent. Moreover, Customs duty on refined edible vegetable oils including oil, ground nut oil has been hiked to 35 per cent from 20 per cent earlier.