From umbrellas to mobile phones: What's cheaper and costlier in Budget 2022?

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.

Also Read | Key takeaways from FM Nirmala Sitharaman's Union Budget speech

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

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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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