Feb 29, 2016 05:15 PM IST | Source: Moneycontrol.com

Not much lost but very little gained, says home maker

Home makers were keen on more money in hand. Though Finance Minister has not resorted to higher taxation, there is nothing added to home maker‘s purse.

Not much lost but very little gained, says home maker
Finance Minister announced couple of initiatives that would touch the lives of many home makers positively. First he announced LPG connection in the name of woman members of the poor households. The Union Budget provided for a sum of Rs 2000 crore in this year’s budget for the same to ensure that the scheme reaches 1 crore 50 lakh households below poverty line. The scheme will be continued for two more years, to ensure that five crore such households benefit.

Second a health protection scheme is announced that offers a health cover of Rs 1 lakh. This scheme also offers a top up cover of Rs 30000 for a senior citizen. This should ensure that the home makers need not worry about the treatment costs in case there is a hospitalization in the family.

There was an expectation that the service tax rate would touch 16%. Though Finance Minister has not hiked it to that level, he has imposed a cess of 0.5%, which results into marginal increase in costs. This means that the expenses on DTH bill, telephone bills, internet bills and eating out bills will go up.

Excise duty on branded readymade garments and made up articles of textiles with a retail sale price of Rs 1,000 and above sees a hike in excise duty from ‘Nil without input tax credit or 6%/12.5% with input tax credit’ to ‘2% without input tax credit or 12.5% with input tax credit’. This should lead to costly branded readymade garments.
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