Union Budget 2023: Know what is cheaper and what is costly
Nirmala Sitharaman has tried to take care of every section in the budget. The government increases taxes and import duties on certain things every year. It has an impact on many things. This time too, many things have become cheaper and expensive.
New Delhi: In the budget, the eyes of the common people are usually on what is tough and which is expensive. The government increases taxes and import duties on certain things every year. It has an impact on many things. This time too, many things have become cheaper and expensive. Nirmala Sitharaman has tried to take care of every section of the society in the budget. Nirmala Sitharaman proposed to reduce customs duty on lithium-ion batteries used in electric vehicles to 13 percent. Apart from this, the duty on cigarettes has been increased by 16 percent in the budget. He made this announcement while presenting the General Budget 2023-24 in Parliament, which will make electric vehicles cheaper. Apart from this, customs duty relief has also been given for mobile, television, chimney manufacturing.
The Finance Minister has announced a reduction in customs duty on import of certain goods for mobile phone manufacturing. He said India’s mobile phone production increased from 58 million units in 2014-15 to 310 million units in the last financial year. Sitharaman also announced that customs duty on open sale parts of TV panels will be reduced to 2.5 per cent. Customs duty on kitchen electric chimneys has been increased from 7.5 per cent to 15 per cent. He said the government will continue to levy 2.5 per cent customs duty on copper scrap. The government will reduce customs duty on shrimp freed to boost exports.
Sitharaman said that customs duty on gold and silver products has been increased. Customs duty will be exempted to promote diamonds manufactured in laboratories. The reduction in customs duty on some components will boost domestic manufacturing. The Finance Minister said that the duty exemption on lithium-ion batteries will be continued for one more year. The benefit of the customs duty cut will also give a boost to the ethanol blending programme in petrol.
Items that became Cheap
• Relief in customs duty on certain mobile parts
• Electric cars will also be cheaper. Customs duty has been exempted on import of lithium-ion batteries.
• TV will be cheaper. Import duty will be reduced. Electrical goods will also be cheaper. Customs duty on television open sale components has been reduced to 2.5 per cent.
• The prices of mobile parts will also be reduced, because customs duty has been reduced.
• Customs duty exemption on lab-made diamond seeds.
• Duty has also been reduced in rubber.
• Automobiles will be cheaper.
• Toys, bicycles will be cheaper.
• Customs duty on shrimp freed will be cheaper.
Items that became Expensive
• Customs duty on silver has been increased. This means that silver will be somewhat expensive. That is, gold, silver and diamond will be expensive.
• Cigarettes will be expensive.
• Tax on kitchen electric chimney increased, will be expensive.
• There will be imported toys, bicycles
