Finance Minister Nirmala Sitharaman, on Tuesday, presented her fourth Budget in Parliament. As proposed in Budget 2022-23, Sitharaman announced a host of changes in the customs duty that would affect the prices of essential commodities.
Apart from that, import duty on chemicals has been reduced, customs duty on gold and polished diamonds, gems would be reduced to 5 per cent. On the other hand, duty on umbrellas has been raised to 20 per cent.
Sitharaman, in her Budget speech, said, "In the last two budgets, we have rationalised several customs exemptions. We have once again carried out an extensive consultation, including by crowdsourcing and as a result of these consultations, more than 350 exemption entries are proposed to be gradually phased out. These include exemption on certain agricultural products, chemicals, fabrics, medical devices and drugs and medicines for which sufficient domestic capacity exists. Further, as a simplification measure, several concessional rates are being incorporated in the Customs Tariff Schedule itself instead of prescribing them through various notifications."
Here’s a list of things that would be cheaper and costlier:
Cheaper
Domestic electronic wearable devices, wearable devices and electronic smart meters
Mobile phone parts
Clothes
Gemstones and diamonds
Imitation jewellery
Frozen mussels,
Frozen squids
Asafoetida
Cocoa beans
Methyl alcohol
Acetic acid
Costlier:
Umbrellas
Solar Cells
All imported items
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