Finance Minister Arun Jaitley on Saturday announced increase in excise duty on Tobacco to Rs 70 per kg from Rs 60 per kg and on Cigarettes by 25 percent for length not exceeding 65 mm & 15 percent for other categories.
Increase in Service Tax from 12 percent to 14 percent will have a huge impact on the day-to-day lives of all sections of people. Phone Calls, Purchase of House, Eat out in Restaurants, Consultation Fee, Ordering for Door Delivery and Memberships in Clubs/Gyms gonna cost more.
Imported Cars, High-end Moto Bikes and Mobiles gonna cost more from now onwards.
Taxes have been cut for Corporates by 5% (From 30% to 25%). Wealth Tax has been scrapped and 'Super Rich Surcharge' of 2% for over Rs 1 crore has been introduced instead.
Leather Footwear, Small LCD TVs, Diamonds and Imported Hazel Nuts gonna become cheaper from now onwards.
Even the prices of Computers, Branded Apparels, Precious Stones and Carpets will come down.