Uploaded on Jul 22, 2019
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Budget 2019: What''s cheaper and what''s dearer - GST iimpact www.kanakkupillai.com GST – Budget 2019 Finance Minister Nirmala Sitharaman presented the maiden budget of Modi 2.0 announcing easing of FDI norms in single-brand retail. After promising tax cuts and doles in the interim Budget, the BJP-led dispensation had raised expectations for their first full-fledged Budget after returning to power for a second time. Here's a list of items that are expected to get cheaper and dearer as Sitharaman's proposals kick in. Economical - electronic items Made in India electronic items: Electronic items made in India are set to become cheaper as the Finance Minister announced to withdraw customs duty on these items. Electric Vehicles The Finance Minister announced an additional income tax deduction of up to Rs 1.5 lakh on the loan taken to purchase an electric vehicle. The net benefit will be of the order of Rs 2.5 lakh as India aims to become a global hub of manufacturing electric vehicles. The GST rate on electric vehicles lowered from 12% to 5%. Apple products To get cheaper as FM proposes to ease FDI norms in single-brand retail. Investment-linked tax benefit on manufacturing of products like lithium batteries and solar chargers. Costlier - Petrochemicals Petrol and Diesel: Proposal to increase Special Additional Excise duty and Road and Infrastructure Cess each by one rupee a litre. Gold: The Government proposed to increase customs duty on gold and other precious metals from 10% to 12.5%. Tobacco products: Proposal to impose nominal basic excise duty on tobacco products Imported books: To encourage domestic publishing and printing, 5% customs duty is being imposed on imported books. Stainless steel products: It was proposed that duty be hiked from 5% to 7.5% on such items. Electronic goods ( Charger/ power adapter of CCTV camera/CCTV camera and IP camera): Such electronic goods are set to get costlier by at least 5%. Split AC: Indoor and outdoor units of Split Air Conditioning units are set to get costlier by 10%. Automobile and automobile parts: Imported automobile and auto parts to get costlier to make way for Make in India. Textile Fully-imported cars Cashew Kernels Imported plastics Raw materials for manufacture of soap Optical fibre Ceramic tiles and wall tiles Set top box Import of defence equipment, not manufactured in India. GST Consultants in Chennai Want to get your GST done in One step? Tired of documentation process ? How about all process done at your Doorstep with Hassle- free Process. Kanakkupillai helps you with all your GST registrations / GST filling process at one step. Kanakkupillai Kanakkupillai.com is India's biggest business administration Platform to enable Business visionaries to begin and deal with a business. Kanakkupillai offers a suite of business administrations like GST registration, trademark registration, LLP registration, Professional tax registration, IT Return Filing, etc at a low price. Gst Registration Online Get your GST registration done by Best GST Consultants in Chennai, Tamil Nadu at Kanakkupillai. Kanakkupillai provides you with all types of GST Filling and Registration in Chennai. Get in Touch at 7305345345 and get FREE consulting. Being the best Business Service providers Kanakkupillai specialists fix all your assessment issues at one step. Contact Us CHENNAI OFFICE No 13/22 2nd floor, Yatra, TNGO Colony, West Karikalan street, Adambakkam, Chennai – 88 Phone: 7305 345 345 Email: [email protected] https://www.kanakkupillai.com/ Thank You
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