There are many things in the Union Budget 2015-16 that you would perhaps not have liked. On the one hand there are hardly any tax benefits for individuals on the other hand a lot of your income is going to be eaten away with a hike in the service tax. It has not been a great Union Budget in that respect from Finance Minister Arun Jaitley for the individual tax payer.
1) Eating Out
If you are in the habit of eating out, you would do better to restrain yourself, simple because it's going to be more expensive. The Union Budget has hiked the service tax to 14 per cent, so your restaurant bills are going to be more expensive by as the tax has been hiked from 12.36% to 14%.
2) Mobile Bills
The service tax on mobile bills if you are in the post paid category is also going to be higher, because the service tax been increased, and hence your mobile bills are likely to be higher.
If you are in the habit of smoking, its best to quit. Hikes in excise duty on cigarettes has been steeper than expected. Shares of ITC plunged following the announcement.
4) Air Travel
The same logic of service tax increase means air travel will get more expensive.
The Excise duty on cement has been raised which means building homes might now be more costlier then before.
6) Imported Commercial Vehicles
This may not be for individuals, but, if you are in the business of importing commercial vehicles then your import duty on such vehicles has now been hiked to 40%.
Got Cheaper After union Budget 2015-16
Noe being cheaper has to be with a caveat. It becomes cheaper only if the manufacturer passes on the excise and other benefits from the Union Budget to you. If he does not, hard luck.
1) Leather Footwear
If you buy leather footwear priced above Rs 1,000 per pair with leather uppers, then they may get cheaper provided manufacturers pass on the benefits to you.
2) LED, LCD Panels
Similarly, locally made mobile phones (not sure how many are there), in addition to LED/LCD panels, LED lights and LED Lamps will get cheaper.
3) Steel Products
Steel products may get cheaper if companies are able to lower their prices after the hike in import duty on steel products and pass on the benefits to you.
4) Pacemakers, ambulance and ambulance services has also got cheaper.