The union budget is a big deal. Every year on the last working day of February, the Finance Minister presents the budget in the Parliament by the means of a Financial bill, which is then debated and passed and put into effect from the first day of the new financial year, i.e, April 1.
Despite the hue and cry around the budget from several weeks before its announcement, and the prime-time TV and front page newspaper analyses, a lot of the general public’s interest in the budget is limited. Understandably enough, because it’s a lot of jargon they don’t understand and a lot of issues which don’t impact them directly. Although it is true that all aspects of the budget will eventually impact everyone (it’s quite literally a budget; an allocation of the government’s resources between all the different sectors and activities it takes cares of), what most people are interested in is how it affects them. This holds for college students too. Well, we got you, fam.
Here’s a list of the specifics we think are going to impact an average college student in India:
1. Shopping will require more moolah
This one’s gonna sting a little, especially if you’re someone who is brand-conscious while shopping. Prices of branded garments are set to rise by 2-5% with the government levying excise duty on ready-made products of Rs 1,000 or more.
2. Good news for budding Entrepreneurs
If you have an idea for a start-up, this might just be the sign you’re looking to actually pursue it. The finance minister announced a number of initiatives for start-up ventures, including 100% tax exemption for three years. It gets even better if you’re a woman or belong to the SC/ST category because Rs. 500 crore have been allocated separately which will help your business flourish .
3. Most tobacco products to get dearer
In a bid to discourage consumption of tobacco and related products, the government hiked excise duty (a kind of tax on goods produced within the country) on cigarettes for the fifth year in a row. A sign to finally quit smoking? Well, the government sure wants you to.
4. Costlier flying but smoother roads ahead
This one holds mostly for outstation students who have more last minute travelling to do than the rest of us. There’s a proposed hike of 6% in excise duty on jet fuel, and of around 6% on the ATF, which will eventually add up to fliers shelling out more money. Travelling via roads is bound to become smoother because of the focus on infrastructure.
5. Other dents in your monthly budget
Mobile phones, tablets, aerated drinks and imported imitation jewellery are some of the other items that are set to become pricier.
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