Finance Minister Nirmala Sitharaman announces the latest report regarding her maiden Union budget 2019 in the Parliament on July 5. Sitharaman said that price of fuel would rise. As a result, there are some items that will become costlier or cheaper. This will impact every household once budget will come into effect. People need to think twice before buying ornaments or going out.
Finance Minister has also proposed to increase 2.5 percent in customs duty on gold and other precious metal from 10 % to 12.5% whereas petrol and diesel are likely to go up soon. Cigarettes containing tobacco will become more expensive while decreasing taxes on exports like leather.
Electronic items made in India are set to become cheaper as the Finance Minister announced to withdraw customs duty on these items. While the prices of auto parts is likely to go up, rates of certain parts of electric vehicles is likely to get cheaper. Customs duty is also being exempted on capital goods required for manufacture of specified electronic goods. To further promote domestic manufacturing, the budget has reduced customs duty on certain raw materials and capital goods.
Below is the list of items some of them will become cheaper and prices for some will rise as the budget proposal come into effect.