Union Budget 2023: Things to become costlier | Fusion - WeRIndia

Union Budget 2023: Things to become costlier

Union Budget 2023: Things to become costlier

Yesterday Union Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24. This is the last full-fledged budget of the Modi government, as Lok Sabha elections will be held in 2024.

The Finance Minister proposed a hike in tax on many commonly used items like electric chimneys used in the kitchen. As a result, they will become costlier.

Here is a list of items that will become costlier:

  • Due to a hike in basic customs duty, articles made from gold bars will become costlier.
  • Not only articles of gold but articles made from silver and platinum will also become more expensive as import duty on them has been increased. In addition, imitation jewellery, brass items and imported toys will become costlier.
  • Cigarettes will become more expensive as tax has been increased by 16 per cent.
  • Kitchen electric chimneys will become costlier due to an increase in customs duty to 15 per cent from 7.5 per cent.
  • Compounded rubber products due to an increase in basic import duty. It is either 25 per cent or ₹30 per kg, whichever is less.
  • With a minor change in basic customs duties and cesses, bicycles and automobiles will become costlier.

List of items that will become cheaper:

  • To promote exports, the government reduced customs duty on shrimp feed.
  • Mobile phones will become cheaper as the government slashed customs duty on the import of certain parts/inputs that are useful in the manufacturing of mobile phones.
  • At the same time, the finance minister announced a cut in customs duty on parts of open cells of TV panels to 2.5 per cent. As a result, they will become cheaper.
  • In addition to that, the government decided to continue relief on customs duty on the import of parts or inputs like a camera lens, which assures no price hike for cameras.
  • Also, the concession duty on lithium-ion cells for batteries in electric vehicles will be continued for one more year. So, they will be available cheaper, as usual.
  • The government proposed a cut in basic customs duty on seeds used for the manufacturing of lab-grown diamonds.

Image from Pxhere (Free for commercial use / CC0 Public Domain)

Image Reference: https://pxhere.com/en/photo/1114374

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