mobanmarketUnion Finance Minister Nirmala Sitharaman today presented the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections. As proposed by Sitharaman in the Union Budget for the fiscal year beginning 1 April 2023-24, a large number of commonly used items like kitchen electric chimneys will become more expensive.
PTI
Here is a list of products that are set to get cheaper or more expensive:
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What’s costlier
Basic customs duty hiked on articles made from gold bars.Customs duty on kitchen electric chimney increased to 15% from 7.5%.Taxes on cigarettes has been increased to 16%.Basic import duty on compounded rubber increased to 25 per cent from 10 per cent.Imported bicycles and toys.Imitation jewellery & silver products
Electronic vehicle imports
Reuters
What’s cheaper
A cut in customs duty on the import of certain inputs for mobile phone manufacturing.Customs duty on shrimp feed to promote exports will also be reduced.Concessional basic customs duty of 2.5% on copper scrap will continue.Customs duty on parts of open cells of TV panels would be cut to 2.5 per cent.Relief on customs duty on import of certain parts & inputs like camera lens & continue the concessional duty on lithium-ion cells for batteries for another year. Number of basic custom duty rates on goods other than textiles and agriculture to reduce, from 21 to 13.Govt to reduce basic customs duty on seeds used in manufacturing of lab-grown diamonds.
Raw materials for EV industry.
DR
This year’s Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024. The budget session of the Parliament began on Tuesday with the President’s address, followed by the tabling of the Economic Survey for 2022-23. The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10.
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