List of items that become cheaper or costlier

July 6, 2019 Finance Talk Valli Sarvani No comments

The Union Budget 2019-20 has been presented by the Finance Minister Nirmala Sitharaman.

Some items become cheaper and some will be costlier due to the increase or decrease in tax proposed by the finance minister.

The finance minister announced to withdraw customs duty on electronic items made in India.

The GST rate on electric vehicles was lowered from 12 per cent to 5 per cent. The minister announced an additional income tax deduction of up to ₹1.5 lakh on the loan taken to buy an electric vehicle.

Due to the proposal of easing FDI norms in single-brand retail, Apple products would become cheaper.

Customs duty on gold and other precious metals increased to 12 per cent from the current 10 per cent.

The duty on stainless steel products hiked from 5 per cent to 7.5 per cent.

The proposal of imposing nominal basic excise duty on tobacco products would increase their prices.

In order to encourage domestic printing and publishing, 5 per cent customs duty is being imposed on imported books. As a result, they will become expensive.

The main items including petrol, diesel, precious metals like gold and silver, cigarettes and split air-conditioners (ACs) will be costlier due to hike in the tax.

On the other hand, electric vehicle components, mobile phone chargers, camera module and set-top boxes will become cheaper. Electric vehicles and electronic goods will become cheaper. Even the import of defence equipment will also become cheap.

Furthermore, certain medical devices, goods required for nuclear power plant, leather, hides, skins, and all types of tanned and untanned goods would be cheaper.

Here is a complete list of items that will become costlier:

Automobile parts, fully imported cards, books, and plastics, stainless steel products, digital camera and video recorders, cashews, synthetic rubber, optical fibre cable, loudspeakers, doors, staircases, blinds, winds, hinge for automobiles, mountings for furniture, CCTV cameras, tiles and newsprint.

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