Budget 2024-25: Which items to get costlier?

The first budget of the present government will be announced on Thursday (June 6). Prices of several products may increase in the budget of the next financial year (2024-2025). There will be an announcement to increase duty on these goods and materials and to impose VAT. This year's proposed budget is Tk 797,000 crore.

The budget for the new fiscal year will be placed in the form of a proposal on Thursday (June 6). The main slogan of the 53rd budget is to build a happy, prosperous, developed and smart Bangladesh.

Prices of commodities that are likely to increase

Cigarettes

Like every year, supplementary duty and price level are being increased at the cigarette production stage in the next budget. So the price of all types of cigarettes will increase.

Mobile SIM card

The tax on the sale of SIM cards by mobile operators may increase from Tk 200 to Tk 300. As a result, customers may have to buy SIM cards at higher prices.

Talk on mobile will cost extra charge

The consumer will have to pay more to talk on mobile. At present, a consumer can talk about 73 taka if he recharges 100 taka on mobile. The remaining Tk 27 was deducted as VAT and supplementary duty. If the 5 percent supplementary duty on mobile services is increased in the proposed budget, consumers will be able to talk about Tk 69.35.

Car

At present, MPs can import cars with duty-free facilities but there is a proposal to impose 25 percent supplementary duty and 15 percent VAT on the import of cars in the proposed budget.

On the other hand, some specific conditions are being added to the proposed budget to exempt hybrid and non-hybrid type cars. As a result, the price of luxury cars is likely to increase.

Cashew nut

As part of protecting cashew nut cultivation in the country, the duty on import of peeled cashew nuts is being increased from 5 per cent to 10 per cent. This may increase the price of cashew nuts.

Soft Drinks & Energy Drinks

VAT on soft drinks, carbonated beverages, energy drinks and mangoes may be increased from five to 10 percent. In addition, the minimum tax on carbonated beverages may be increased by two percent to five percent. As a result, these products will have to be bought at higher prices.

Air conditioners

Many people are buying air conditioners or ACs to get relief in the heat. In the next budget, considering AC as a luxury product, the duty on compressors and all types of materials used in AC production in the country is being increased. So the price of AC may increase.

Water filter

Duty on the import of water filters used in homes is being increased. The import duty on water filters is being increased from 10 percent to 15 percent. So the price of water filters used in households may increase.

Cost of importing hospital equipment will increase

Subject to compliance with certain conditions, there is an opportunity to import medical instruments and equipment at one percent duty on referral or duty exemption facility of specialized hospitals. In the next budget, it may be increased to 10 percent for the import of more than 200 medical instruments and equipment, which can further increase the cost of treatment of critically ill patients.

The proposed budget for the fiscal year 2024-25 is Tk 7,97,000 crore. The target of the National Board of Revenue (NBR) has been set at Tk 4,80,000 crore. Besides, the budget deficit is Tk 2 lakh 56 thousand crore.

The size of the budget has been increased by 4.62 percent compared to the current financial year. In the budget, the target of foreign loan has been set at Tk 1,27,200 crore. The target of loan from the bank is Tk 1 lakh 37 thousand 500 crore. The cost of loan interest payment has been estimated at Tk 1,13,500 crore.