Union Finance Minister Nirmala Sitharaman tackled the biggest elephant in the room just hours ago as she presented the Union Budget for 2020-21. The Budget becomes crucial because it gives us an estimate of the expected expenditure of the government for the given period of time.

But really, for people like you and me who do not want to get into the nitty-gritty of the Annual Budget, our leading concerns lay in how the proposed Budget is going to impact our lives immediately. Which is to say, how we may be profiting or failing to benefit from the proposed financial projections - what becomes cheaper, what becomes costlier and what becomes of our personal savings to put things very simply.

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So, without beating around the bush anymore, letâs directly get to what it is that you are really here for. First off, your cigarettes are going to get costlier and so are other tobacco-based products. Additionally, medical equipment will also become more expensive due to higher taxes on imports.

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Imported footwear and furniture will also burn a hole in your pockets, so we suppose many of us will be cutting corners when it comes to setting up our houses. Even the kitchen may not look as dapper as youâd imagine because customs duty on porcelain, clay iron, steel and copper has been doubled.

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However, there is some relief to be found in the fact that the withdrawal of customs duty on raw sugar, agro-animal based products, Tuna bait, skimmed milk, specific alcoholic beverages, soya fibre and soy protein will bring their prices down.

In addition to all that, Finance Minister Sitharaman also announced the lower tax slabs under a new income tax regime which has been the biggest highlight of the session. 

Though we are still not sure where the economy is headed post today, hereâs hoping we can make the most of whatâs been served.

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