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Union Budget 2022: What becomes cheaper, what's costlier
Union Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget for the fiscal year beginning 1 April. Infrastructure emerged as the topmost priority for the Narendra Modi government as the finance minister said that the budget for 2022/2023 will lay the foundation for economic growth through public investment as Asia's third-largest economy emerges from a pandemic-induced slump.
As proposed by the finance minister in the Union Budget for 2022-23, a large number of commonly used items, including mobile phones and mobile phone chargers, are set to become cheaper.
Custom duty on cut and polished diamonds and gemstones have been reduced to 5%, propose to phase out more than 350 customs duty exemptions over time, says FM Sitharaman.
The finance minister announced an extension of the exemption on implements and tools for the agriculture sector manufactured in India.
Here's is a list of items that will become cheaper and costlier in FY23:
CHEAPER
- Clothes
- Gem stones and diamonds
- Imitation jewellery
- Mobile phones
- Mobile phone chargers
- Custom duties on chemicals needed for petroleum products
- Custom duties on certain chemicals, including methanol
- Concessional customs duty on steel scrap extended for 1 year
COSTLIER
- All imported items
- Duty on umbrellas increased
Source: Mint
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