Budget 2024: What’s Costlier and What’s Cheap
The 2024 budget has introduced several changes that will affect the cost of various goods and services. Understanding these adjustments is crucial for both consumers and businesses to plan their finances effectively.
What’s Costlier:
1. Luxury Goods: High-end electronics, designer clothing, and luxury cars have seen an increase in customs duties. This move is aimed at promoting local manufacturing and reducing imports.
2. Imported Alcohol: Duties on imported spirits and wines have been raised, making these products more expensive. This measure supports the domestic beverage industry.
3. Cigarettes and Tobacco Products: Excise duty on cigarettes and other tobacco products has been hiked, continuing the trend of discouraging tobacco consumption through higher prices.
4. Fuel: Petrol and diesel prices have increased due to a rise in excise duty. This increment is part of the government’s strategy to raise funds for infrastructure projects.
5.Processed Foods: Certain processed food items have become costlier with the introduction of higher GST rates, aiming to promote healthier eating habits.
What’s Cheap:
1. Electric Vehicles (EVs): To encourage eco-friendly transportation, the government has reduced GST on electric vehicles and offered additional tax incentives for EV purchases.
2. Renewable Energy Equipment: Solar panels, wind turbines, and other renewable energy equipment have seen a reduction in duties to promote green energy adoption.
3. Healthcare Products: Essential medicines and medical devices, including those for critical illnesses, have been made cheaper through tax cuts, aiming to make healthcare more affordable.
4. Agricultural Equipment: GST on farm machinery and tools has been lowered to support the agricultural sector, reducing the cost burden on farmers.
5. Home Appliances: Basic home appliances like refrigerators, washing machines, and air conditioners have seen a reduction in GST, making them more affordable for the average consumer.
The 2024 budget reflects the government's priorities of promoting domestic industries, encouraging sustainable practices, and making essential services more affordable. Consumers should stay informed about these changes to manage their finances effectively and take advantage of the reduced costs in key areas.