Budget 2023: What has become expensive and what gets cheaper?

From cell phones to TVs to cigarettes to clothes, find out what will get more expensive and what will get cheaper with the new Budget 2023-24

Union Finance Minister Nirmala Sitharaman said that the tax on cigarettes would go up by 16% while the customs duty on shrimp feed would go down, while presenting the Budget 2023-24 on Wednesday. Let’s examine a few products and commodities whose pricing will be affected by recent developments:

• The government has increased customs duty on kitchen electric chimneys from 7.5 percent to 15 percent.
• The customs duty on seeds required in diamond manufacturing has been reduced.
• Mobile phone parts will be cheaper along with machinery for lithium ion batteries.
• Customs duty on shrimp feed has been reduced to promote exports.
• The concessional customs duty of 2.5 percent on copper scrap is set to continue.
• Cigarettes have become more expensive as the government has levied a 16 percent calamity cess on the same.
• Clothes and garments will get expensive.
• Imports that’ll be costlier: imitation jewellery, vehicles (including electric), bicycles, electric kitchen chimneys, toys and their components (other than parts of electronic toys).
• The centre is set to decrease the basic custom duty on open cells and TV panels to 2.5 percent. Hence, televisions will become cheaper.
• As per the budget, deductions from capital gains regarding investments in residential houses up to 10 crore rupees will be capped.
• Basic customs duty rates on goods excluding agriculture and textiles have been decreased from 21 percent to 13 percent.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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