{"id":15767,"date":"2024-06-06T08:17:18","date_gmt":"2024-06-06T08:17:18","guid":{"rendered":"http:\/\/thecrimebd.net\/english\/?p=15767"},"modified":"2024-06-06T08:17:18","modified_gmt":"2024-06-06T08:17:18","slug":"the-prices-of-products-may-increase","status":"publish","type":"post","link":"https:\/\/thecrimebd.net\/english\/news\/15767\/","title":{"rendered":"The prices of products may increase"},"content":{"rendered":"

Dhaka Bureau:<\/strong> Finance Minister Abul Hasan Mahmud Ali will present the budget of Tk 7 lakh 97 thousand crore for the next fiscal year (2024\u201325) on Thursday (June 6) afternoon. Income tax, duty, VAT, or supplementary duty may be increased on some products in this budget.<\/p>\n

Cigarettes, water filters, cashew nuts, refrigerators, AC, ice cream, beverages, bricks, LED bulbs, tobacco products, crude edible oil, tube listening gel, synthetic corundum, aluminum oxide, fluorescent lamp parts, glass, plastic, medical devices, Cost of goods such as equipment, capital parts, construction materials, SIM cards, auction houses, security services, and lottery tickets. At the same time, in the future, along with household expenses, travel expenses may also increase.<\/p>\n

On Thursday, June 6, at 3 o’clock, the National Parliament Speaker, Dr. The Finance Minister, will present the budget for the financial year 2024\u201325 in the presence of Prime Minister Sheikh Hasina under the chairmanship of Shirin Sharmin Chowdhury. This is the 53rd budget of independent Bangladesh. The first budget of the current government’s fourth consecutive term, the 16th consecutive budget, and the 21st budget of the Awami League-led government. Finance Minister Abul Hasan Mahmud Ali’s first budget.<\/p>\n

The price of products, which may increase<\/p>\n

Supplementary duties and price levels for cigarettes may be increased at the manufacturing stage. A supplementary duty of 65.5 percent has been proposed on three-tier cigarettes. As a result, the price of all types of cigarettes may increase. The maximum retail price of jorda per 10 grams is Rs 48, and the same quantity of gul is Rs 25. Those who are in the habit of consuming Pan-Jorda will increase their expenses.<\/p>\n

The duty is being increased on the import of household water filters. Due to production in the country, the duty on the import of water filters may be increased from 10 percent to 15 percent. Many people use LED bulbs at home to save on electricity bills. The duty may be increased by 10 percent on the import of materials for the production of LED bulbs and energy-saving bulbs.<\/p>\n

As part of safeguarding cashew nut cultivation, import duty on shelled cashew nuts is being increased from 5 percent to 10 percent. As a result, the price of imported cashew nuts may increase.<\/p>\n

The VAT and duties of compressors and all types of materials used in the production of fridge-AC in the country are being increased. Therefore, the price of AC and refrigerators may increase. LRPC may increase tariffs on its imports. As a result, the cost of the construction sector will increase.<\/p>\n

The duty on the import of kits, cylinders, and other machinery and parts used in the conversion of vehicles to CNG-LPG is being increased from 3 percent to 5 percent. Vehicle conversion costs may increase.<\/p>\n

Meanwhile, a one percent duty is being levied on the import of materials or parts used in the assembly and manufacture of generators. The price of generators may increase in the domestic market. The addition of 15 percent VAT and 5 percent advance income tax on imported mackerel fish may increase the price.<\/p>\n

A one percent duty is imposed on the import of raw materials for 33 items used in industry. The list includes crude edible oil, tube listening gel used in the production of paperboard, artificial corundum, aluminum oxide, ethylene glycol used in the production of PET chips, aluminum ingots used in the production of water motors, parts of fluorescent lamps, glass, plastic, and LED bulbs used in the production of LED televisions and lamps. The price of used aluminum alloys, etc., may go up.<\/p>\n

In economic zones and hi-tech parks, a 1 percent duty is being imposed by withdrawing concessional facilities on the import of capital parts and construction materials for industrial establishments. Apart from this, the imposition of a one percent duty on used materials brought by the developer for the development of economic zones and the opportunity to import cars at duty-free facilities of establishments located in economic zones are being cancelled.<\/p>\n

As a result, companies setting up industries in the economic zone have to pay other duties (VAT, supplementary duties, regulatory duties) in addition to duties.<\/p>\n

It may be proposed to withdraw the existing tax exemption on tour operator services. In amusement parks and theme parks, Musak has been proposed to be 15 percent instead of 7.5 percent. As a result, the cost of roaming may increase. Auctioneers, security services, and lottery tickets may be offered at 15 percent tax instead of 10 percent. The existing specific tax on bricks may be proposed to be increased from 10 to 20 percent. As a result, construction costs will increase. VAT may be proposed to be increased on ice cream and carbonated beverages. As a result, the price of ice cream and soft drinks will increase.<\/p>\n

Supplementary duty may be increased by 5 percent to 20 percent for services provided using SIM cards on mobile phones. This may increase the cost of mobile calls and internet usage. In the case of e-SIM supply, it has been proposed to make the fee Rs 300 against Rs 200.<\/p>\n

Importation of medical devices and equipment is allowed at 1 percent duty on referral or a specialized hospital duty-free facility, subject to compliance with certain conditions. In the budget, it may be increased to 10 percent in the case of the import of more than 200 medical devices and equipment. As a result, the medical expenses of critically ill patients may increase.<\/p>\n

The main philosophy of this year’s budget ‘ iscommitment to building a happy, prosperous, developed, and smart Bangladesh’. The size of the budget for the next financial year (2024\u201325) has been finalized at 7 lakh, 97 thousand crores. This is 4.60 percent more than the current budget. 35 thousand 215 crores are increasing in the amount of Rs. In the current (2023\u201324) fiscal year, the government announced a budget of Tk 7 lakh, 61 thousand, and 785 crore.<\/p>\n

And the annual development program (ADP) has been estimated at 2 lakh 65 thousand crores, which was 2 lakh 63 thousand crores last financial year. In the new budget, the overall deficit is estimated at 2 lakh 56 thousand crores, whereas in the revised budget of the current fiscal year, the overall deficit is estimated at 2 lakh 83 thousand 785 crores.<\/p>\n

The total revenue target has been set at Tk 5 lakh 45 thousand 400 crore, which was Tk 5 lakh crore last financial year. In the next fiscal year 2024\u201325 budget, the GDP (gross domestic product) growth target may be set at 6.75 percent, and inflation may be set at 6.5 percent.<\/p>\n

According to Finance Ministry sources, a 329-page budget speech has been prepared for the Finance Minister to present the budget for the next financial year. It is said that such a big budget speech has not been formulated in the past. However, the 82-year-old Finance Minister Abul Hasan Mahmud Ali does not have to read the entire budget speech. He will present his budget summary in front of the parliamentarians through slides. As always, the first part of the budget will highlight various development activities of the government. There will also be inflation and rising commodity prices. These will be blamed on the post-Covid ‘Russia-Ukraine’ war. Attempts will be made to say that reserves will increase and inflation will decrease by next December.<\/p>\n

According to the officials of the Ministry of Finance, it is known that to meet the budget deficit, a loan of around three lakh crore rupees can be taken from domestic and foreign sources. There may be a special allocation in the budget of 2024\u201325 to prepare the youth for the purpose of building smart Bangladesh. Social protection programs may be extended to overcome inflation shocks. At the same time, there may be an analysis of the impact of climate change on the economy during the presentation of this budget. Plans are also being made to bring more people under Karjal to increase revenue. Therefore, some new cases may be imposed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dhaka Bureau: Finance Minister Abul Hasan Mahmud Ali will present the budget of Tk 7 lakh 97 thousand crore for the next fiscal year (2024\u201325) on Thursday (June 6) afternoon. Income tax, duty, VAT, or supplementary duty may be increased on some products in this budget. Cigarettes, water filters, cashew nuts, refrigerators, AC, ice cream, […]<\/p>\n","protected":false},"author":1,"featured_media":15768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"location":[],"class_list":["post-15767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nThe prices of products may increase - The Crime BD<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thecrimebd.net\/english\/news\/15767\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The prices of products may increase - The Crime BD\" \/>\n<meta property=\"og:description\" content=\"Dhaka Bureau: Finance Minister Abul Hasan Mahmud Ali will present the budget of Tk 7 lakh 97 thousand crore for the next fiscal year (2024\u201325) on Thursday (June 6) afternoon. 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