NEW DELHI: Though Finance Minister Arun Jaitley in his budget speech for 2017-18 on Wednesday said his proposals on excise and customs duties will not result in any significant loss or gain to the exchequer, the fine print suggests a host of items can become either cheaper or dearer.
Items like LED lamps, solar panels, printed circuit boards for mobiles, micro ATMs, finger-print machines and Iris scanners will potentially become cheaper.
On the other hand, silver coins, cigarettes and tobacco, bidis, pan masala, goods imported through parcels, water filter membranes and cashew nuts will become expensive.
“Centre, through the Central Board of Excise & Customs, shall continue to strive to achieve the goal of implementation of GST (Goods and Services Tax) as per schedule without compromising the spirit of co-operative federalism,” Jaitley said while presenting the Budget.
“Implementation of GST is likely to bring more taxes both to central and state governments because of widening of tax net. I have preferred not to make many changes in current regime of Excise & Service Tax because the same are to be replaced by GST soon,” he added.
The following is a list of items that will turn costlier:
Vegetable tanning extracts, namely, Wattle extract and Myrobalan fruit extract
Liquefied Natural Gas
Printed circuit boards for mobiles
LED bulbs, lumps
Nylon mono filament yarn
Hot Rolled Coils
POS card reader
Cigarettes and tobacco
Paper rolled bidis
Goods imported through parcels
Water filter membranes