Published: 03 Feb 2023
Prices for these items change.
In her speech on Budget 2023 on February 1, 2023, Union Finance Minister Nirmala Sitharaman spoke about a number of countries' economic issues and presented initiatives to stimulate the economy. According to the finance minister, while some products will become more affordable, several everyday items will see a price increase.
The Basic Customs Duty (BCD) on the import of components for Indian-made mobile phones and television sets would be reduced, according to FM Nirmala Sitharaman, but smokers will still have to pay higher due to rising government taxes.
What's got Costlier?
Cigarette tax has hiked by 16 percent and will make it costlier for smokers.
On articles made from gold bars, basic customs duty has been hiked.
Compounded rubber basic import duty went up to 25 pc from 10 pc.
Custom duty raised on kitchen chimneys from 7.5% to 15% which will make them costlier.
Government has raised custom duty from 60% to 70% of fully imported cars and EV to cost more.
Government announced hike on custom duty on imported toys making them costlier.
What's got Cheaper?
Reducing customs duty on import of certain inputs for mobile phones manufacturing, will make them cheaper than before. You can plan to buy a new one for yourself!
To promote exports custom duty on shrimp feed has been reduced.
Wanna buy a diamond? They will get cheaper than before. For seeds used in manufacturing of lab-grown diamonds, basic custom duty has been cut.
Cut on custom duty on camera lenses will reduce the price of cameras.
TV sets which are manufactured domestically will get cheaper due to cut in customs duty.