Union Budget 2023: Jewellery Becomes More Expensive, Phones And TV To Cost Less. Check Full List
Union Budget 2023: Finance Minister Nirmala Sitharaman's Budget announcements have made jewellery expensive while mobile phones and television will cost lesser.
New Delhi: Finance Minister Nirmala Sitharaman on Wednesday presented the Budget 2023-24 making several important announcements. Hence, as expected, some commodities will become cheaper, and some will put weight on citizens’ pockets.
What Gets Cheaper
Toys, Bicycles, Automobiles
As per the Budget, toys, bicycles, and automobiles have become cheaper with a minor change in customs duties, cesses and surcharges.
Lithium Batteries, EVs
Electric vehicles and lithium ion-cell batteries will now cost less as the Centre announced an extension of the customs duty exemption to import of capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles till March 31, 2024.
Mobile Phones, Camera Lens
The finance minister provided relief in customs duty on the import of certain parts and inputs like the camera lens and its inputs/parts for use in the manufacture of the camera module of cellular mobile phones.
Television
In a piece of positive news for the middle class, the government has reduced basic customs duty on parts of open cells of TV panels to 2.5 per cent.
Announcing the same, the FM said, “To promote value addition in the manufacturing of TVs, I propose to reduce the Basic Customs Duty on parts of open cells of TV panels to 2.5%.”
Lab-Grown Diamonds Seeds
Basic customs duty has been reduced on seeds used in the manufacture of lab grown diamonds.
What Gets Costlier
Cigarettes
Finance Minister Nirmala Sitharaman announced an increase in customs duty on cigarettes making it costlier. The tax on cigarettes has been hiked by 16 percent.
"The Finance Minister proposed to revise upwards the National Calamity Contingent Duty (NCCD) on specified cigarettes by about 16%. It was last revised 3 years ago," a release from the Ministry of Finance said.
Jewellery
A popular choice of Indians in parties and ceremonies, jewellery will now cost more than earlier as the government has now increased the duties on articles made from dore and bars of gold and platinum.
Apart from this, import duty on silver dore, bars and articles have also been increased. Not only this, citizens will have to spend more on the purchase of brass, and imported toys.
Imported Electric Kitchen Chimney, Imported Door
Basic customs duty on electric kitchen chimney has been increased to 15 per cent from 7.5 per cent making it costlier. Basic customs duty on heat coil for manufacture of electric kitchen chimneys reduced to 15 per cent from 20 per cent.
Apart from this, people will have to shell out more money while purchasing imported doors.
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