Wanna get our awesome news?

Subscribe to our newsletter!

Subscribe!

Actually we won’t spam you and keep your personal data secure

As the voice of the Indian restaurant industry, we represent 100000+ restaurants & an industry valued @ USD 4 billion. Whether a chain or independent restaurant, the NRAI is here to help every step of the way. Join us!

News

Budget 2019 LIVE: Full list of products turning costlier and cheaper after Piyush Goyal’s new tax proposals announcement

By

on

Owing to changes in the tax bracket being levied on the consumer durable products announced in the Union Budget 2019 by Finance Minister Piyush Goyal, there are some products that are going to become costlier or cheaper for citizens. As expected, tech, high-end cars, and cigarette and other nicotine products have become costlier as there will be more taxes being levied on these products. This is PM Narendra Modi led NDA government’s last budget ahead of completing its 5-year term.

– Anup Rau, CEO of Edelweiss General Insurance told Zee Business Online, “We believe irrespective of the budget, I would like the policymakers to consider the GST rates on Insurance policies. Our penetration continues to be extremely low and with a price sensitive market like India, 18% is significant addition to the cost,”

– Kushal Nahata, Co-Founder & CEO, FarEye said that budget 2019 should include regulations that will drive organizations to digitalize key logistics and supply chain processes. “For instance, by mandating digitalization of certain key accounting, billing and logistics processes the government can ensure greater levels of compliance (especially with regards to environmental sustainability) and tackle corruption better. Also, this year’s budget should highlight the current state of eWay bill adoption,” he said.

– Dinesh Chhabra, CEO, Usha International said, “We are optimistic about the upcoming interim budget. Recent figures and trends indicate that the industry is poised for continued “acceleration on the economic front. GST implementation has made India a unified market as far as taxation is concerned, and we hope to see a continued positive impact of GST in 2019 as well as a further rationalization for products like sewing machines and small household appliances.”

– Rahul Singh, President NRAI and The Beer Cafe Founder, said, “The restaurant industry has been one of the most heavily regulated and taxed industry, and we eagerly awaited the implementation of GST. However, denial of input tax credit ( ITC ) has eroded financials and halted future expansion. The very concept of ITC is central to GST, which is to prevent cascade of taxes.  Denying the benefit of ITC goes against the very grain of GST and has resulted in double taxation to the consumer. This has also resulted as a retrograde to our intention of bringing in all players into the organised segment and we sincerely await implementation of input tax credit for the restaurant sector.”

– Minister of State (Finance) Shiv Pratap Shukla says the government will do whatever possible for the people. “Modi government is a popular govt, it’s natural that we will take care of everything. We will do whatever is possible for the people. We have always presented a good budget,” he said.

– Joe Verghese, Managing Director, Colliers International India. said, “If the government is looking for a silver bullet in an election year when the threat of “jobless growth” is rearing its head, injecting liquidity into the real estate/ construction industry, the biggest generator of jobs the last 25 years, is one of the most viable options. An election year interim budget is normally not something that the industry looks forward to as its agenda tends to be election focused (at the cost of industry). The industry is hoping that this year we are in for a pleasant surprise!”

– Atul Gupta, Senior Director, Deloitte India said, “Possible reduction of customs duty on power equipment including on renewable energy to promote Clean India program. Not much expected on GST as major announcements made only by GST Council.”
Check full list of products that turned costlier, cheaper in Budget 2018:

LIST OF COSTLIER ITEMS
Cigarettes
Cars and motorcycles
smartphones
Silver
Gold
Vegetable, fruit juices, including orange
Deodorants, bath preparations, depilatories, perfumery
Scent sprays and similar toilet sprays
Footwear
Truck and Bus radial tyres

LIST OF CHEAPER ITEMS
Raw cashew nuts
Solar tempered glass or solar tempered glass
Capital goods and electronics

Recommended for you