Things to know about: Budget 2019-20

Budget Calculation 

With the Modi government, the budget 2019-20 has impacted greatly on the economy. The finance ministry invests some that can affect the fiscal deficit. The former finance minister, Nirmala Sitharaman, gave a traditional budget with an ease in the FDI norms. 

The money supply is influenced while getting lower profits, and the cost capital of the industry is also increased.The former government forces claim that this budget is meant for all.

Modi government has come with a public-friendly budget plan. With previous studies revealed that there was a backdrop in the history of slowed down foreign investment. Savepro explains what are the key highlights of this budget is aiming to alter India into a fast-forwarded nation.

1. Electric vehicles:

Customs duty will be further exempted on a few parts of the full-fledged vehicle. The finance minister has given a rebate of up to INR 1.5 Lakh on interest to buy these electric vehicles. With a favourable dynamic environment, we have tried curbing rampant pollution that is spread over the major cities. The lithium-ion batteries cost less with custom duty exemption.

2. Apple Products:

Apple users or the fans will be glad to know that the finance ministry has proposed for a single-brand retail. Be it iPhones or laptops or any products, and the products will become cheaper; the brand retail will launch in India as well. It is with the aim of higher selling of Apple products.

3. Petrol and Diesel:

The govt. has increased the basic excise duty, the prices are about to rise by INR 2 per litre. The infrastructure cess on the fuels is raised over INR 28,000 crore. To top this, VAT charges are varied from state to state.

4. Gold:

The customs duty on gold items will increase. The grey market will thrive, though. Gold prices will increase globally. It is not a good sign for a positive economy. There is an adverse impact on the gold industry with an increase of 2.5per cent. The metals will see an increase from 10% to 12.5% on custom duties by the government.

5. Tobacco Products:

A very small yet an increase of 0.5 paise will be seen in cigarettes and other tobacco products. A nominal basic excise duty will be imposed.

All the fiscal measures that have strictly been taken from the government will affect the monthly expenses.
{Source(KPMG): The Survey also opined that India should accelerate and sustain a real GDP growth rate of 8 per cent to become a USD 5 trillion economy by 2025.} As the Sitaraman's proposal kicks in.

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