Cars, fertilisers, medicines cheaper
The gesture for health care is the most significant one with the Budget cutting down customs duty on six specified drugs and bulk drugs.business Updated: Feb 29, 2008 15:44 IST
Consumers can now enjoy cheaper cars, two-wheelers, set top boxes, while they will have to pay more for their smoke and mobile handsets, thanks to Budget proposals made by Finance Minister P Chidambaram.
Chidambaram has also ensured that consumers have much more savings in taxes to be able to afford many luxuries such as owning small or hybrid cars by proposing lenient levies on personal income that could help an individual save up to Rs 44,000 per year.
At the same time, the finance minister has laid the ground for cheaper fertilisers for farmers by reducing customs duty on crude and unrefined sulphur as also phosphoric acid used for making the agri-nutrients.
Simultaneously, the feed for chicken and other livestocks will also be cheaper with the Budget proposing cutting down customs duty on bactofuges and feed additives and pre-mixes.
But, the gesture for health care is the most significant one with the Budget cutting down customs duty on six specified drugs and bulk drugs while slashing by half the excise duty at eight per cent on drug formulations and exempting anti-AIDS drug Atazanavir and bulk drug for its manufacture.