Budget 2018: Mobile phones, TV set to become expensive

Union Finance Minister Arun Jaitley on Thursday announced Budget 2018-19. With the focus on rural distress, the finance minister announced many social welfare schemes for the poor. 

Arun Jaitley also announced the world's largest government-funded programe. 

Meanwhile, the Finance Minister also announced that the customs duty on mobile phones will be increased to 20 per cent from the existing 15 per cent, in a bid to promote 'Make in India' and create jobs in the country.

Jaitley also said customs duty for certain TV parts will also be be raised to 15 per cent.

Analysts believe that this will make cell phones and TV expensive. 

Meanwhile, before the Budget, Petrol and diesel prices on Thursday hit a new high ahead of the presentation of the Union Budget 2018. Petrol price in Delhi was at 73.05 per litre while diesel price was at Rs 64.11 per litre on Thursday. Fuel prices are highest in Mumbai with petrol price touching Rs 80.91 per litre and diesel price reaching Rs 68.27 per litre today. 

Last week, the spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.

The central government levies Rs 19.48 per litre excise duty on petrol and Rs 15.33 on diesel.

VAT on petrol in Delhi is Rs 15.39 per litre while on diesel it is Rs 9.32.

The BJP-led NDA government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but cut the tax only once in October last year by Rs 2 per litre.

The excise duty in October 2017 was cut when petrol price had reached Rs 70.88 per litre in Delhi and diesel was priced at Rs 59.14.

Because of the excise duty cut, diesel prices had on October 4, 2017 come down to Rs 56.89 and petrol to Rs 68.38.