explain the merits of budget 2017-18??
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Digital payments: The duty exempted on Point of Sales (POS) machines and iris readers for making payments has been added to the exempted list in order to encourage and boost digital payments.
Solar cells: Sustainable environment seems to have managed a place for itself in the Union Budget this year. The Finance Minister has introduced exemptions of solar tempered glass from Customs Duty which is used in manufacturing solar cells and panels.
LNG: Customs Duty on Liquefied Natural Gas (LNG) will also come down from 5% to 2.5% making it cheaper.
Negatives
Tobacco: Excise duty on tobacco has been raised by almost double to 8.3% from the existing 4.2%. Similarly, excise duty on gutka or pan masala has also gone up from 6% to 9%.
LED Lights: Custom Duty of 5% will be levied on raw materials used for LED lights manufacturing.
Mobile phones: Printed circuit boards, used for manufacturing mobile phones, will attract 2% Custom Duty henceforth. So far, no duties were levied on such items.
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