Cement may become dearer by Rs 5 per 50 kg bag in view of the Budget proposal today to raise excise duty to 12% from 10% earlier. "The hike in excise duty will push up the sales cost by Rs 5 per bag.
Cement prices are likely to go up after the government's proposed hike in excise duty on the building material from 10% to 12%.
Passengers travelling in all AC classes and first class will have to pay charges in addition to the recent hike in train fares with the General Budget today bringing journeys in them under the ambit of service tax.
India's annual budget on Friday fell short of market hopes for tougher fiscal tightening measures. The government, facing political turmoil, fended off pressure to produce an even more populist plan, yet stopped short of offering meaningful economic reforms that might have cheered investors.
Rating agency Standard & Poor's does not foresee any immediate negative implication on India's sovereign rating after the government outlined a high fiscal deficit target in the budget for the next fiscal year, said Takahira Ogawa, director of sovereign & IPF ratings.
In a Budget that raised fears of furthering inflationary pressures, Finance Minister Pranab Mukherjee today hiked excise duty and service tax by 2% across-the-board to raise Rs 45,940 crore while offering marginal relief to individuals in income tax foregoing Rs 4,500 crore.
Finance Minister Pranab Mukherjee played it safe in unveiling the federal budget on Friday, pledging reforms but setting only modest targets for trimming a ballooning fiscal deficit, disappointing investors.
There is a strong case for lowering interest rates in India following a significant drop in the core inflation, R. Gopalan, secretary of economic affairs in the ministry of finance, said on Friday.
Tata Motors will increase prices of all its commercial and passenger vehicles with immediate effect, the company said, in amounts proportionate to the increase in excise duty announced in the 2012-13 budget on Friday.
Terming it as "good", Congress today welcomed the budget and lauded Finance Minister Pranab Mukherjee for giving some concessions despite tough economic condition across the world.
Industry chambers of the NE have termed the union Budget presented by Finance Minister Pranab Mukherjee today as a 'stereotype' with nothing specific in it for Assam and the North Eastern region.
With Trinamool Congress turning on the heat on the issue of rail fare hike, Samajwadi Party today offered solace to the Congress, saying its outside support to the coalition will continue.
The Information and Broadcasting Ministry saw an increase of 5% in its budgetary allocation for fiscal 2012-13, with Finance Minister Pranab Mukherjee allocating it Rs 2,737.32 crore as against the last year's Rs 2,604.78 crore.
The government will take action to reduce subsidies on diesel during the 2012-13 fiscal year that begins on April 1, the prime minister's chief economic adviser C. Rangarajan told television channel TIMES NOW on Friday.
The heavy subsidy burden India carries for petroleum products will have to be addressed, Finance Minister Pranab Mukherjee said on Friday.
The budgetary allocation for the CBI has been increased by about 15% to Rs 395.77 crore as compared to the last fiscal.
Telephone use, eat-outs and other activities will cost more as Finance Minister Pranab Mukherjee today proposed increasing the service tax rate to 12% from 10% and introducing a negative list aimed at bringing more services under the tax net.
Congress ministers today hailed the General Budget as "balanced, thoughtful and forward looking" which would lay the foundation for fiscal consolidation but ally Trinamool Congress dismissed it as "status-quoist".
With an increase in the excise duty on all products in the Budget for 2012-13, car makers like Maruti Suzuki, Mahindra & Mahindra and Honda Siel Cars India will hike prices of their vehicles by up to Rs 70,000.
To check the menace of black money, the government today proposed a slew of measures, including I-T return assessment up to 16 years with regard to assets held abroad and tax deduction at source (TDS) on transfer of immovable property and gold purchase.
The Indian airline industry today got a major relief with the government allowing it to raise capital through external borrowings worth USD one billion for a year, as it planned to allocate Rs 4,000 crore to ailing Air India.
Left parties today attacked the Union Budget, saying it will increase the financial burden on common people and lead to rise in prices.
As Finance Minister Pranab Mukherjee resorted to mopping up more taxes, a disappointed India Inc today said his Budget is a "missed opportunity" and would have cascading impact on inflation and consumer demand.
Indian car makers heaved a sigh of relief and saw their shares soar after the federal budget did not hike taxes on diesel cars, in a boost for diesel-focused manufacturers such as Mahindra and Mahindra and Tata Motors.
Finance Minister Pranab Mukherjee announced on Friday that personal tax exemption will be raised to Rs 200,000 in FY2012-13.