The Union Finance Minister today unveiled the Union Budget 2026, giving the country and all its citizens a roadmap to plan the financial year. For a common man, all the focus remains on the list of items that become cheaper or costlier.
File Photo: IANS
The Union Finance Minister today unveiled the Union Budget 2026, giving the country and all its citizens a roadmap to plan the financial year. For a common man, all the focus remains on the list of items that become cheaper or costlier.
During the Union Budget speech, Nirmala Sitharaman, too, highlighted that the Government aims to transform aspiration into achievement and potential into performance, which is probably possible when the Government ensures that people from different spheres, including the scheduled caste, the scheduled tribes, the nomads, the youth, the poor, and the women, are benefited while leading their everyday life.
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Aligning with her statement, the Budget announced today makes several things cheaper for the common man.
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Here’s the list of items that will cost you less post the implementation of the Union Budget 2026. Have a look!
Big relief for travellers as there is a proposed reduction in the TCS rates. The Overseas tour program package has been reduced from the current 5 per cent and 20 per cent to 2 per cent without any stipulation of amount. Further, TCS for pursuing education and for medical purposes under the Liberalised Remittance Scheme (LRS) has been reduced from 5 per cent to 2 per cent.
The Finance Minister has announced the exemption of basic customs duty on 17 cancer-related drugs and medicines. She also said that seven additional rare diseases would be added to the list of diseases eligible for exemption from import duty on personal imports of drugs, medicines, and Food for Special Medical Purposes (FSMP) used in their treatment.
In Marine, Leather, and Textile products, the limit for duty-free imports of specified inputs used for processing seafood products for export is to be increased from the current 1 per cent to 3 per cent of the FOB value. The duty-free imports of specified inputs, which are currently available for exports of leather or synthetic footwear, will be allowed.
Union Finance Minister Nirmala Sitharaman on Sunday proposed reducing the tariff rate on all dutiable goods imported for personal use from 20 per cent to 10 per cent.
Solar panels and microwave ovens will also get cheaper as the basic customs duty on import of sodium antimonate for use in manufacture of solar glass is to be exempted.
While there’s a cut in the prices of the above-mentioned categories, there are certain things that will get costlier with the implementation of the Budget 2026.
Liquor, cigarettes, fertilisers, nuclear power project components, stock options, and future trading are going to cost you more now. Several items under luxury goods, such as watches and high-end laptops, are also going to get more expensive.
Rates for chewing tobacco and jarda scented tobacco have been raised to 60 per cent, compared to their existing 25 per cent levels.
TCS rate on Alcohol for human consumption has been increased to 2 per cent, compared to 1 per cent existing levels.
Proposed to extend the customs duty exemption on imports of goods for Nuclear Power Projects till the year 2035.
Proposed to increase the TCS rate to 2 per cent, compared to the existing 1 per cent levels.
Notably, the Budget has proposed to extend the provisions for immunity from penalty and prosecution in the cases of under-reporting and misreporting. The taxpayer will need to pay 100 per cent of the tax amount as an additional income tax over and above the tax and interest due.
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