On realising the revised petrol price would be ₹ 76.82 from Saturday, A. Shekhar Rao, a mechanic, virtually went into a state of shock.
“Buying a bike was the greatest mistake of my life,” he said as he left the petrol bunk.
The price of diesel has gone up by ₹2.46 per litre, and now it stands at ₹71.63 per litre.
Besides this, the Budget also established an income tax slab on people earning between ₹ 2.5 lakh and ₹5 lakh. People in this bracket will have to pay 5 % of the income (which will be subtracted from ₹2.5 lakh) along with 4 % which will be levied as a cess.
“It is unfortunate that the government went back on the promise it made in the interim budget. As it is, inflation compromises our savings, and now even the tax slab will eat into them,” says V.V. Ramaraju, a sourceware employee at Berge Solutions.
The Budget also proposed a customs duty hike on gold and other precious metals from the current 10 % to 12.5 %. In addition to the 3 % GST that gold attracts, its price would be hiked to 15.5 %.
“It’s okay if the price of gold increases because it not something we buy regularly,” said Guttikonda Lakshmi, who seemed more concerned about the income tax slab and the fuel price hike.
However, P. Prasanna, a home maker who invests in the yellow metal, said: “Gold is not just an investment. It is a sentiment. The government knows that women would invest in gold notwithstanding the hike and made its move. Besides, this is Ashadam and women buy most ornaments during this season, hence, proving that the government is taking the opportunity,” she said.