Achche Din are over, be ready to face hard days in months ahead
Lucknow: The good old days or achhe din are past for a good many people in the country. The next day, whether you like it or not, will be different. From then on, the financial burden will increase on some of you. Some others will find their pockets no more so heavy.
You have guessed it right. The new taxes or revised tax rates will be applicable from Saturday ( tomorrow) due to modification in government's order. As the small saving rates have been also revised the earnings in the next quarter will be lower, reducing the thickness of wallets of those who have invested in these instruments
In addition to preponing budget presentation to February 1 from the end of the month, the government had also decided last year to revise the small saving rates on a quarterly basis. On all such schemes the rates have been lowered by zero point zero one per cent.
The schemes which will be affected are: Sukanya, a small saving scheme for Girls, Kisan Vikas Patra, a scheme for senior citizen, five-year National Saving Certificate and the small deposit scheme.
The scheme for girl child will fetch 8.4 per cent interest instead of 8.5 per cent. Kisan Vikas Patra will earn only 7.6 per cent interest in the next quarter. Five-year NSC will be given 7.9 interest in the next quarter. The rate of interest on other government schemes have been similarly lowered.
Saving deposit rate, however, will remain unchanged at four per cent.e in the next pa
The quarterly rate revision has been made in the light of the recommendations made by the Shyamala Gopinath panel.
Commercial banks may lower their interest rates in view of the change effected in government saving schemes.
On the other hand, some of the consumer goods will become costlier from Saturday ( tomorrow). These goods include tobacco products, car, motor cycles, commercial vehicles,mobile phones and steel products.Tax rates on all these items have been revised upward.
For mobile users it is a double whammy. They will have to pay from the next day for data usage and phone calls.
To the relief of some others, postal items, leather goods, bio-gas and home loans will be cheaper. They can cheer.
Clearly, the government will rob Peter to pay Paul.