The upcoming festive season will need you to spend more money in shopping!

The upcoming festive season will need you to spend more money in shopping.
The Central Government is going to increase excise duty on many commodities, which are imported from abroad.

The Central Government can increase the duty on smartphones, fridges, cars, TVs, washing machines, furniture, nuts and liquor imported from abroad. The government is wanting to discourage the fall in currency and discourage import of non-essential products with the aim of bridging the current account deficit. For this an expert committee has been formed under the leadership of Cabinet Secretary PK Sinha.

The increased duty will not effect the price of gold. Presently, there is already a custom duty of 10 per cent on gold.