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.