7 Things You Need To Know About The 2017 Budget
This year, the annual budget (the only day when our finance minister gets a decent amount of coverage) came out earlier than it ever does, and we were glued to our screens to find out whether or not we’re doomed. Considering the demonetisation fiasco, we expected fireworks that would have put Diwali to shame. But thankfully that didn’t happen. The budget is pretty standard and more or less on the positive side, especially for the common (wo)man.
Scroll down to check the highlights of this year’s budgets and see how it will impact us fashionistas.
1. Cards In, Cash Out
This was a no-brainer and we saw it coming. It is all about the digital money now and the budget confirms it. Cash transactions above Rs 3 lakhs are no longer allowed, so get ready to swipe ’em cards. No more spending those crisp notes on designer clothes or jewels anymore.
2. Train Travel Is Cheaper
If you are planning a summer holiday, this is a good time to ditch the flight and purchase train tickets, as IRCTC has dropped its rates. Also, air ticket prices are going to go sky rocketing, if they aren’t already. Another reason to put in that leave, girls.
3. Taxes On Annual Income To Be Less
Well, not for everyone. Those who earn Rs 2.5 lakh-5 lakhs, annually, will be taxed 5% less, which means you’ll save around 2.5k per year, and I don’t have to tell you what you can spend that money on! But, if you earn anywhere between Rs 50 lakhs-1 crore, there is an extra 10% surcharge that you will now have to pay. That sounds fair, no?
4. Tobacco Gets Expensive
Those of you who stocked up on cigarettes before Arun Jaitley announced the budget — hats off! (Not that we are promoting smoking.) All items that contain tobacco are a lot more expensive now. Is it a choice — being broke or smoking?
5. Home Food FTW
Service tax at restaurants is going to increase from 15% to around 18%, so you will have no other option but to show off your cooking skills. Them hacks are definitely going to come handy.
6. Phone Bills Will Kill You
Why? Because July 1 onward, the government is implementing a GST (goods and service tax) that will be applicable on your network service providers. Yes, we are definitely going to cry every month. If it’s any compensation, LED lamps are now cheaper, so your electricity bill is going to be light (get it?)
7. Import Duty Doubled
This means that if you wanted to buy a swanky car or iPhone, it will be a LOT more expensive. The import duty has gone up to 12.5% from 6%, and this has been done to promote the Make In India initiative and indigenous Indian goods.