New Delhi: Union Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2022-23 in Parliament today. Sitharaman delivered the budget speech in about 92 minutes - her shortest one so far.
While announcing a slew of measures for various sectors the Finance Minister said that India is set to clock a growth rate of 9.2 per cent, which could be the highest in the world in the current fiscal.
As proposed by Nirmala Sitharaman, some items used will get cheaper and all imported products will be costlier from the fiscal year beginning on April 1. The Finance Minister announced that clothes will get cheaper in the upcoming financial year. Mobile phones and chargers will also get cheaper which has now become a necessity for the common man.
CHEAPER
- Clothes
- Gemstones and diamonds
- Mobile phones
- Mobile phone chargers
- Camera lens for mobile phones
- Cocoa Beans
- Asafoetida
- Frozen mussels
- Frozen squids
- Acetic acid
- Custom duties on chemicals needed for petroleum products
- Custom duties on certain chemicals, including methanol
- Concessional customs duty on steel scrap extended for 1 year
COSTLIER
- All imported items
- Parts of electronic toys
- Imitation Jewellery
- Duty on umbrellas increased
- Single or multiple loudspeakers
- Headphones and earphones
- Solar cells
- Solar modules
- X-ray machines
Reacting to FM Nirmala's budget and decrease in mobile phone prices, Mr. Mandeep Arora, Managing Director, UBON said, “The Union Budget has tweaked duty on electronics and phone parts in the Union Budget 2022. Revision of customs duties on components or sub-parts of consumer electronics items is a seemingly encouraging step to promote local manufacturing and increase local sourcing of components. This may lead to reduction in cost prices of Mobile phones and chargers.”
Presenting the Union Budget, Finance Minister Nirmala Sitharaman on Tuesday said that overall sharp rebound and recovery of the economy is reflective of India's strong resilience. "Overall sharp rebound and recovery of the economy are reflective of India's strong resilience," Sitharaman said while addressing the Parliament today.
There were no major changes in income tax slabs in Budget 2022. However, the government did allow a two-year window for taxpayers to correct their filings for a particular assessment year.
Also, the focus of the Budget was on ease of tax compliance, simplification, and digitisation as well as ease of doing business. Measures to support small businesses and the rural economy are also were also taken in Budget 2022.