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How will gold and silver cost 3% more? Please explain.

Asked on 01-02-2018 by Anonymous

Answered by NewsBytes

Customs duty of 3% will now be levied on both silver and gold (unwrought or in semi-manufactured form, or in powder form). This extra customs duty is expected to increase the price of these metals.

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Salaried class are always sufferers. This time also no relaxation on taxes, even though it was expected. Why so?

Asked on 01-02-2018 by Anonymous

Answered by NewsBytes

The budget was pro-poor and farmers because of two reasons: 1) Keeping 2019 in mind, they want to appease farmers and poor people. Gujarat election results, wherein BJP won 99 seats (its lowest tally in two decades) may have been the defining factor. 2) The salaried class is fickle-minded, their votes are divided and they make a very small percentage of voters.

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Why have the prices increased?

Asked on 01-02-2018 by Chaitanya Ane Nenu

Answered by NewsBytes

The rise in prices of these commodities has been driven by the change in customs duty rates. For example, the customs duty rate on Cellular mobile phones has increased from 15% to 20%, which in-turn would mean prices increasing for Apple and Samsung's devices. To check the complete list, please refer to this document.

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