Marriages may be heaven’s business, but their costs are the concern of budgets. And this year’s Union Budget suggests that the expenses are on their way up, since the government has proposed doubling the import duty on gold, as on concentrates and ores. The announcement has taken the sheen off marriages for families that have planned a wedding in the coming year.
Vidhyadhar Kamath, senior vice-president with an oil company, said, “It is really shocking to know that the gold prices would soar higher according to the Union Budget. My daughter Tulsi is getting married in June this year and with gold prices going up at this time of the year it is going to affect our marriage budget. We are done with our purchase of gold jewellery for the marriage so I feel much relieved but I can imagine the burden on those parents who have planned their daughter’s wedding in near future. The price of gold now is almost thrice than what it was a couple of years ago.”
Another precious metal, platinum, is also slated for a similar hike.
Said Kamath’s daughter Tulsi, set to tie the knot in June, “I heard about the gold price hike while listening to the budget. Thankfully my parents purchased all the necessary gold for my marriage a few months back. But my cousin is getting married in May, and as we are currently shopping for her gold jewellery, the price hike is definitely going to have a sweeping impact on her marriage expenses.”
Traders claim the hike will translate into a 3-4 per cent rise in costs to customers, as jewellers will pass on the customs and excise duties to them.
Voices
Considering the huge tax base of our country, they should have increased the tax exemption limit to at least
Rs 3 lakh. Except for air travel, all hikes are justified.
— Raheem Khan (43)
The country is already reeling under inflation and they go ahead and give service tax a two per cent hike. It’s a disappointing budget.
— Roxanne Mehta (25)
The budget is better than expected. Prices of basic commodities have gone down, those of luxury products have gone up. This is the right balance for a developing nation.
— Sarvotam Pai (24)
What is the point of raising the tax exemption limit from Rs 1.8 lakh to Rs 2 lakh? It’s not enough. Service tax shouldn’t have been increased. I’m waiting for implementation of the Goods and Services Tax (GST). If this happens, the economy will grow. But overall, it is a good, brave budget.
— Nirav Bhimani (31), Goregaon, Manufacturer
The minimum income tax slab should have been kept at Rs 2.5-3 lakh. Otherwise, it’s a good budget for the aam aadmi. I don’t agree with the Opposition’s view that it’s worthless. Has the opposition ever supported the government in 64 years?
— Vikas Saraf (33), Andheri, Trader