Finance Minister Nirmala Sitharaman on Wednesday presented the Budget 2023 and announced changes in certain duties and taxes, resulting in some items getting cheaper and some getting costlier.
Sitharaman today presented her fifth full Budget after she took over as Finance Minister in July 2019.
Here’s a list of items that have gotten cheaper and those that have gotten more expensive.
BUDGET 2023 – WHAT GETS CHEAPER
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 manufacturing of lab-grown diamonds
Govt to reduce customs duty on shrimp feed to promote exports
BUDGET 2023 – WHAT GETS COSTLIER
Taxes on cigarettes hiked by 16 per cent
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
This year’s Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024.
