Finance Minister Nirmala Sitharaman made a number of announcements during her Budget presentation on February 1, 2022.
A large number of commonly used items are set to become cheaper as per Sitharaman’s proposed Budget for 2022-23.
However, due to a hike in customs duties on imported parts, many items will become more expensive. Take a look at the items/goods that will become cheaper and costlier.
Costlier | Duty on umbrellas raised to 20 percent. Exemption to parts of umbrellas is being withdrawn.
Costlier | All imported items are costlier now.
Cheaper | Import custom duty on imitation jewelry is now Rs 400 per kg.
Cheaper | Computers, laptops, mobile phones also got cheaper as per Budget 2022 to give a push for digital India.
Cheaper | Customs duty on certain chemicals needed for petroleum refining are being reduced.
Cheaper | Customs duty on cut and polished diamonds, gems to be reduced to 5 percent.
Cheaper | To incentivize exports, duty on specified leather and packaging boxes reduced.
Cheaper | Other things which got cheaper as per Union Budget 2022 are – broadcasting, tourism, broadband internet in rural areas, apparel, mobile phone chargers, agro-forestry, agricultural equipment, electronic equipment, steel, imported manufacturing machines and transformer equipment.