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The annual ritual called the Union Budget played itself out in customary manner last month. However the fireworks were definitely missing. It was a ‘give some take some’ budget where the focus was on taxing the rich without hurting the masses. A 10% surcharge was imposed on individuals with incomes above Rs. 1 crore and costlier luxury goods such as SUVs, high end imported cars, motorcycles, yachts and similar vessels, high end mobile phones etc. were made costlier by increasing customs and excise duties wherever applicable.

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