Union Budget 2023: What’s cheaper and what’s costlier?

Guwahati: The Union Budget for the fiscal year beginning April 1, 2023 was presented by Union Finance Minister Nirmala Sitharaman.

A number of frequently used items may increase in price for customers as a result of the budget.

Here’s a list of items that will become cheaper and costlier in FY24:

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 the manufacturing of lab-grown diamonds

> Govt to reduce customs duty on shrimp feed to promote exports

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

According to the Economic Survey, India’s recovery from the Covid pandemic is complete and the economy is expected to grow by 6% to 6.8% in the coming fiscal year 2023-2024. This compares to 8.7% in 2021-2022 and 7% in this fiscal year.

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