Brace yourselves, folks – your wallets are about to take a serious beating. The start of the new fiscal year has brought a slew of price hikes that will leave your wallets feeling the pinch. With the President signing off on the Finance Bill, a bevy of new taxes exceeding 200 billion rupees have kicked in, and it’s the average Joe who’s bearing the brunt.
From the staples on your grocery list to the gadgets in your hands, everything has become more expensive. Flour, rice, lentils, spices, veggies, fruits, and dairy products – all have seen an 18% sales tax slapped on them. And it doesn’t stop there – even your chicken, beef, and mutton have gotten pricier, thanks to a 10% tax on animal feed.
But the pain doesn’t end at the dinner table. Mobile phones, both basic and smartphones, have been hit with an 18-25% tax, making them a luxury few can afford. Stationery, from pencils to pens, is also getting a 10% sales tax. And if you were planning to spruce up your home with some new electronics, be prepared to dig deeper – LED bulbs, ACs, and other gadgets have all become more expensive.
Even your annual income isn’t spared, with a 10% surcharge on earnings over 1 crore rupees. And if you were dreaming of a little space travel, well, that’s going to be a lot more expensive too. It’s a perfect storm of price hikes, and the average citizen is left holding the bag.