Highlights The government announced an increase in the cess and excise duty

Commodities such as fuel and gold will become costlier

Electric vehicles and electronic appliances are set to get cheaper

Finance Minister Nirmala Sitharaman kept the income tax rates applicable to the common taxpayer intact in the first Budget of Prime Minister Narendra Modi's second term, but proposed few changes in terms of excise duty and cess. The government announced an increase in the cess and excise duty each by 1 rupee per litre on petrol and diesel, and increased the customs duty on gold to 12.5 per cent from 10 per cent. Both the proposals meant purchase of commodities such as fuel and gold will become costlier going forward. Ms Sitharaman said a higher customs duty on gold and precious metals will mobilise resources. Besides, the government also raised the basic customs duty applicable to a range of products such as tiles, cashew kernels, vinyl flooring, auto parts, some synthetic rubber, digital and video recorder and CCTV camera.

On the other hand, the government proposed to reduce customs duty on certain raw materials and capital goods to promote domestic manufacturing. These include amorphous alloy ribbon, ethylene di-chloride, propylene oxide, cobalt matte, naphtha, wool fibres, inputs for manufacture of artificial kidney and disposable sterilised dialyser, and fuels for nuclear power plants.

Here's a full list of items that are likely to get cheaper and costlier after Budget 2019 announcements:

Items Cheaper/Costlier Petrol Costlier Diesel Costlier Gold Costlier Imported books Costlier Cashew kernels Costlier PVC Costlier Vinyl flooring Costlier Tiles Costlier Metal fittings Costlier Mountings for furniture Costlier Auto parts Costlier Certain kinds of synthetic rubbers Costlier Marble slabs Costlier Optical fibre cable Costlier CCTV camera Costlier IP camera Costlier Digital and network video recorders Costlier Cigarette Costlier Electronic appliances Cheaper Electric vehicles Cheaper

Meanwhile, PM Modi said the union budget presented today is "one of hope" and "it is a budget that will boost India's development in the 21st Century".