What Gets Cheaper And Costlier After Budget 2023?

New Delhi: Union Finance Minister Nirmala Sitharaman presented the ‘First Budget of Amrit Kaal’, on Wednesday in the Lok Sabha.

The government highlighted several schemes focused on the development of the economy.

List of Items That Got Cheaper:

  • Camera Lens: Custom Duty reduced for camera lenses in mobile phones, and DSLRs for 1 year.
  • Lithium Ion Batteries: Proposal to exempt customs duty for machinery required in lithium-ion batteries.
  • Mobile Phones: Proposal to decrease import duty on some inputs used in the manufacturing of mobiles.
  • Denatured ethyl alcohol: Exemption of item from basic customs duty (BCD).
  • Seeds for Diamond Production: Proposal to nullify the BCD on seeds used in the manufacturing of Lab Grown Diamonds from the current 5%.
  • Television Panel: Custom duty on Television panels reduced to 2.5% from 5% which is effective currently

List of Items that got costlier:

  • Kitchen Chimney: Customs duty on kitchen electric chimney increased to 15% from 7.5%
  • Cigarettes: Custom Duty on Cigarettes increased. Taxes on cigarettes hiked by 16%
  • Compounded Rubber: Import Duty on Compounded Rubber increased to 25% from current 10%
  • Jewellery: Gold, silver and diamonds to get more expensive. Import duty on silver to be increases to match platinum

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