Finance Minister Arun Jaitley presented the Union Budget 2015 on February 28, 2015 and the recommendations take place from April 1, 2015.
Here we have listed a few items which can get costlier and cheaper from April 1, 2015.
1) Eating Out
The Union Budget has hiked the service tax to 14 per cent, so your restaurant bills are going to be more expensive as the tax has been hiked from 12.36% to 14%.
2) Buying an under-construction property
Service tax is hiked from 13.36 to 14%, this includes buying an under-construction property, as the developer is providing you the service. However, it is only charged point of cost of construction not on the entire property.
3) Mobile Bills
The service tax has been increased and hence your mobile bills are likely to be higher. Service tax is up from 12.36% to 14%.
If you are in the habit of smoking, it's best to quit. Hikes in excise duty on cigarettes has been steeper than expected and takes effect from April 1, 2015.
The Excise duty on cement has been raised which means building homes might now be more costlier than 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%.
7) Business and executive class air travel
The same logic of service tax increase means air travel will get more expensive.
Also other things such as railway platform ticket and 3rd party insurance premium gets costlier from April 1.
Things which may get Cheaper
It becomes cheaper only if the manufacturer passes on the excise and other benefits from the Union Budget to you
1) Leather Footwear
If you buy leather footwear priced above Rs 1,000 per pair with leather uppers, then they may get cheaper as duty has been slashed on the same. Hope that the manufacturer passes the reduced duty 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.
Pacemakers, ambulance and ambulance services will get cheaper
Computer tablets, Agarbattis, Microwave Ovens, Refrigerator Compressors Peanut Butter, Packaged Fruits and Vegetables may get cheaper.