New Delhi, Feb 1: The Budget 2023 was presented on Wednesday by Finance Minister Nirmala Sitharaman, who also announced revisions to several customs and taxes that will make some things more affordable and others more expensive.
Today marks Sitharaman’s fifth complete budget since she became finance minister in July 2019.
Here is a list of things that have gotten more affordable and more expensive.
- Customs duty on parts of open cells of TV panels cut to 2.5 per cent
- Govt proposes to reduce customs duty on the import of certain inputs for mobile phone manufacturing
- Govt to reduce basic customs duty on seeds used in the manufacturing of lab-grown diamonds
- Govt to reduce customs duty on shrimp feed to promote exports
- Taxes on cigarettes hiked by 16 per cent after nearly 3 years
- Basic import duty on compounded rubber increased to 25 per cent from 10 per cent
- Basic customs duty hiked on articles made from gold bars
- Customs duty on kitchen electric chimney increased to 15 per cent from 7.5 per cent
- Fully imported luxury cars and EVs to cost more as govt raises custom duty from 60% to 70%