The proposals made by Union Finance Minister Arun Jaitley in his budget speech have been implemented from April 1. No doubt, the changes are going to have an immediate impact on personal finance at the grass root level.
At the beginning of this current financial year, let us have a look at the list of items which are going to get cheaper or costlier.
Items which are costlier from April 1, 2018
Cars and motorcycles, mobile phones, silver, gold, Vegetables, fruit juices – including orange and cranberry, sunglasses, miscellaneous food preparations other than soy protein, perfumes and toilet waters, sunscreen, suntan, manicure, pedicure preparations, preparations for oral dental hygiene, denture fixative pastes and powders; dental floss, pre-shave, shaving or after-shave preparations, deodorants, bath preparations, depilatories, perfumery scent sprays and similar toilet sprays, truck and bus radial tyres, silk fabrics, footwear, coloured gemstones, diamonds, imitation jewellery, smart watches/wearable devices -LCD/ LED TV panels, furniture, mattresses, lamps, wrist watches, pocket watches, clocks, tricycles, scooters, pedal cars, wheeled toys, dolls’ carriages, dolls, toys, puzzles of all kinds – video game consoles, articles and equipment for sports or outdoor games, swimming pools and paddling pools, cigarette and other lighters, candles, kites, edible/vegetable oils such as olive oil, groundnut oil.
Items which are cheaper from April 1, 2018
Raw cashew nuts, solar tempered glass or solar tempered glass used for the manufacture of solar panels/modules, raw materials, parts or accessories used in making cochlear implants, select capital goods and electronics such as ball screws and linear motion guides.
Thus it is absolutely clear that not only household items but also prices of several electronic goods have gone up in the 2018-19 economic year. The percentage increase in prices of the items is going to vary substantially. Prices of TV will increase 5%, mobile phones will shoot up 5% whereas footwear prices will witness 5% increase. Cost of mobile phone battery will increase by 5% and not to forget that gold prices will have an increase of 3%. Thankfully, the prices of petrol and diesel have dropped by Rs 2 after reduction in excise duty. In specific cases, the steep rise in customs duty is responsible for price rise.