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Budget 2013-14: What 's Costlier, Cheaper Now ?

PUBLISHED BY: SURENDER KUMAR
MARCH 01, 2013

   
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Be ready to shell out more for Sports Utility Vehicles, imported cars and motorcycles, high-end cell phones, restaurants and cigarettes. They all will be costlier with after the latest budget levying higher taxes on them.


 

Contrarily, women have a reason to cheer for they can now bring more duty-free gold items, provided they have stayed out of India for more than year. Besides, branded clothes are set to be cheaper as the excise duty on them has been eliminated totally. Also, carpets and other floor coverings of coir or jute will be less expensive now as they are fully exempt from excise duty.

 


The excise duty on Sports Utility Vehicles (SUV) has been raised from 27 % to 30%. However, it will not apply to SUVs registered as taxis.

 

 

The basic customs duty on new cars and other high-end cars costing more than $  40,000 and / or 3,000 cc + engine capacity for petrol and 2500 cc + for diesel vehicles has been hiked to 100 % from the earlier 75 %. Likewise, the duty levied on yachts an
d similar vessels has also shot up to 25 % from 10 %. Here is a round up of what goes up or down post this budget:

 

 

GOING UP

TV Set-Top Boxes        

 

Customs duty on imported STBs rises from 5% to 10%

 

Cell Phones                                    

 

Excise duty rises to 6% for handsets costing Rs 2000+

 

Silk, Silk Items         

 

Customs duty hiked from 5% to 15%

 

Housing Construction   

 

Excise duty on marble rises from Rs 30 /  sq m to Rs 60/sq m

 

High-end Homes                           

 

Decline in abatement on the service tax payable from 75% to 70% for homes and flats with a carpet area of 2,000 sq.ft. or more OR valued at Rs 1 crore or more

 

Eating Out                                       

 

Service Tax levied on all AC restaurants

 

SUVs (except taxis)  

 

Excise duty rises from 27% to 30%

 

Imported Vehicles       

 

Customs duty rises from 75% to 100%

 

Cigarettes, Cigars

 

Excise duty rises to 18%

 

                                                   

 

GOING DOWN

Branded Non-allopathic Medicines  

 

Abatement of 35% on excise duty on MRP-based assessment for branded medicines of Ayurveda, Unani, Siddha, Homeopathy, Bio-chemic systems

 

Jewellery  

 

Duty-free limit on imported jewellery raised to Rs 50,000 for males and Rs 100,000 in case of female travelers

 

Readymade Garments 

 

No excise on cotton, man-made yarn at different stages

 

Eco-friendly Vehicles                   

 

Concession for specific vehicle parts extended to FY 2015. 

 

Home Furnishings 

 

Handmade carpets, textile floor coverings of coir / jute made exempt from excise duty

 

 

 



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