“The government has maintained control of the current budget by limiting the deficit within limits, leading to a 4% higher revenue receipt over the revenue expenditure.
The gold import duty has remained the same; we expected it to go down by 2.5%. On the other hand, the import duty on silver has increased by 2.5%, affecting the fashion jewelry market due to the price hike of Sterling Silver.
On the other hand, the reduction in surcharge on super-rich taxpayers will give positive sentiment to investments. Also, the increase in the Income Tax limit will increase the disposable surplus income of the middle class, which will be good for tourism, discretionary spending, and luxury FMCGs”.