Changes in tax rates on specific items will impact prices of goods that you use everyday.
>> Set-Top Boxes: Though a one-time cost, set-top boxes are going to cost more this financial year. The excise duty on them has been doubled from 5 per cent to 10 per cent.
>> Silk Clothes and Items: The customs duty on raw silk has been increased from 5 per cent to 15 per cent. So, silk sarees and scarfs will now be dearer.
>> SUVs and Imported Cars: Excise duty on Sports Utility Vehicles (other than taxis) has been increased from 27 per cent to 30 per cent. Also, basic customs duty on high-end imported cars and other motor vehicles costing more than $40,000 (approximately Rs 22 lakh) and with engine capacity exceeding 3000cc for petrol engines and 2500cc for diesel engines has been increased from 75 per cent to 100 per cent.
>> High-end Bikes: Not just cars, bikes will cost more as well. The customs duty on motorcycles with engine capacity of 800cc or more has been increased from 60 per cent to 75 per cent. The customs duty on -high-end motor vehicles, yachts and similar vessels have also been increased.
>> Cigarettes: Quit smoking to save your health as well as your wallet. Excise duty on all cigarettes has been increased by about 18 per cent, except cigarettes of length not exceeding 65mm. There is a similar increase for cigars, cheroots and cigarillos as well.
>> Silver: Silver can cost more. The finance minister has proposed a 4 per cent excise duty on silver manufactured from smelting zinc or lead.
>> Smartphones: The Budget has proposed a 6 per cent excise duty on mobile phones priced at more than Rs 2,000.
>> Eating Out: The Budget proposes to levy service tax on all air-conditioned restaurants, even those without a bar licence.
>> Luxury Homes: The service tax abatement (a tax deduction) has been reduced from 75 per cent to 70 per cent for homes and flats above 2,000 sq ft or costing more than Rs 1 crore.
>> Marble: Excise duty on marble tiles and slabs has been raised from Rs 30 per square metre to Rs 60 per sq metre.