India Union Budget 2025: On February 1, the Union Budget will be presented by Finance Minister Nirmala Sitharaman. The people of the nation hope that the budget will set the bar very high.
Finance Minister Nirmala Sitharaman will present the first full Union Budget of the third term of the Modi administration, where she will attempt to strike a balance between demands for development of the economy and relief to the middle class from taxes. While customs duties on gold, silver, and platinum were cut last year, customs duties on cell phones and cancer drugs were reduced. Rates on plastics and telecommunication equipment were hiked up.
The finance minister Nirmala Sitharaman will present the budget for the eighth successive year. Prime Minister Narendra Modi formed the government at the center for the second time consecutively in the year 2019.
Sitharaman has already presented the general budget seven times. According to sources, PM Modi told the cabinet meeting that this budget is for the poor and farmers. The common man is the target for this budget.
PM Modi had announced a big announcement before the budget presentation
Several such announcements are in this budget, and a number of those items are also going to hit our everyday commodities. So please let us know what will cost how much in this budget,
Some of the goods may go cheap
1.Some goods and gizmos, for instance, the prices of laptop, cellphone, smart TVs will also be low.
2.Subsidy or tax breaks to support clean energy in electric vehicles.
3.Exceptions on taxes can increase the availability of treatments for rare diseases and cancer.
4.You will buy fridges, air conditioners, and washing machines at a cheaper price in case of exemptions on taxes of electronic devices used in household appliances.
5.It is quite feasible to get tax relief or relief from interest paid on house loans for affordable houses.
These products might hike their prices
Higher rate of GST is likely to be levied on luxury goods as well as higher-end technology-based products.
A higher tax will be imposed on cigarettes and other tobacco products as well.
Perhaps this could rise in order to reduce the rate of alcohol.
There may come a hike on import tax related to precious metal, gold as well as silver.
The hike in aviation fuel tax may happen.