Today, the Union general budget was read out by India's honourable Finance Minister, Mr. Pranab Mukherjee. He came at around 11 am in the Parliament, making all hopes go high, with increased expectations for something good in the long run.
With the prices of food grains and other consumer items reaching sky high, it was quite expected that Indians were looking up to this man to shower in some news that will bring relief of mind and more important to the pocket of “aam admi”.The general budget 2010 has already led to the rise in fuel prices, with petrol Rs. 2.67 per litre and diesel Rs 2.58 per litre in Delhi. In general, the Finance Miniter has said that the prices of fules will go up by Re. 1. The changed prices will be implemented from tonight only.
For the individual service taxpayers, the budget has brought in good news, as there is no tax for up to Rs.1, 60, 000, a rate of 10 percent for up to Rs. 500,000, then 20 percent for up to Rs.800,000 and finally 30 percent for high income persons.
Pranab Mukherjee also announced the establishment of a National Clean Energy Fund (NCEF) for funding research and innovative projects in clean technologies. The Finance Minister proposed to levy clean energy cess on coal produced in India as also imported.
Minimum Alternate Tax (MAT) is increased from the current 15% of book profits to 18% of book profits.
Among the consumer goods, there will be hike in prices of TV, refrigerator, AC, cigarettes, jewelry, cars and liquors.
Among the commodities that will remain low in price are CDs, mobile phones, toys, gaming software’s, etc.
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