Union Budget 2013-14: How it affects the common folk?

The Union Budget 2013-14 can be considered as a moderate one as it deals all the sectors moderately. The Union Budget 2013-14 was announced and presented in the parliament on Feb -28.

Union Budget 2013-14 gave nothing superb to the common people. However the Budget 2013 -14 was presented in a way that it does not overburden the common folk in any way.

On the other hand the Union Budget 2013-14 can be said to have the ultra-rich class people as target. Overburden is imposed on them while the common people are avoided of many of such overburdens.

The prices for cigarettes, cigars and other similar items will be costlier now as these goods are imposed an additional 18% surcharge. Mobile phones, Sports Utility Vehicles (SUVs), luxury and imported vehicles and bikes, dining at luxurious restaurants, etc. also will be costlier.

On the other hand, Cotton garments, Cinema and films, Jewelry items and ornaments, Agricultural testing procedures, etc. will be less costly now. These are the items that a common man mainly uses. The increased tax and levy on the luxury items is a slap for the top earners of the country.

The finance minister did not support altering the tax slabs. The tax payers will have to follow the old tax slabs which are 10%, 20% and 30% to the people with income up to Rs.5 lakh per annum (income tax starts with over Rs.2 lakh per year), above Rs.5 lakh and below Rs.10 lakh and those with income above Rs.10 lakh per year.

No sooner than the Union Budget 2013-14 was presented in the parliament, critics have appeared. In the opinion of some, the budget is presented with the view of upcoming general election which is to fall next year.

The real estate sector too did not receive any pat from the Budget 2013-14 as it did not include the regulatory bill, infrastructure status to the housing sector, and so many other demands of the developers.

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