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Budget 2023: What's Cheaper, What's Costlier? Check The List Of Items

On Wednesday, the finance minister announced a change in custom duties on many goods. Check out the full list of items.

<div class="paragraphs"><p>Source: Freepik</p></div>
Source: Freepik

The Union Budget 2023–24, presented by the Union Finance Minister, Nirmala Sitharaman, proposed a number of changes to the Customs Duty regime with the goal of promoting exports, boosting domestic manufacturing, and enhancing value addition. These changes are likely to raise the price of bicycles, toys, and certain classes of cars, including EVs, while making TVs and mobile phones less expensive.

During her budget speech, she was quoted as saying, “a simplified tax structure with fewer tax rates helps in reducing compliance burden and improving tax administration. I propose to reduce the number of Basic Customs Duty (BCD) rates on goods, other than textiles and agriculture, from 21 to 13.” Further, she added saying that there would be “minor changes in BCD, cesses and surcharges on some items, including toys, bicycles, automobiles and naphtha.” 

Let us take a look at the list of items that have become cheaper and costlier after the budget 2023 – 2024 unveiled.

List of Items That Have Become Cheaper

  1. A reduction in import taxes on specific components used to make mobile phones.

  2. The customs duty on items used in TV panel open-cell parts has been reduced to 2.5%.

  3. Reduced customs fees on shrimp feed to encourage exports.

  4. Basic customs tax on seeds used to create lab-grown diamonds that will be cut.

  5. The government wishes to limit capital gains tax deductions for investments in residential homes to ₹ 10 crores.

  6. Relief from customs tax on the import of camera lenses, and continuation of the reduced duty on lithium-ion batteries for another year.

  7. Fish lipid oil used to make aquatic feed will decrease in price.

List Of Items That Have Become Costlier

  1. The government will continue to impose a 2.5% basic customs duty on copper scrap.

  2. Cigarette taxes increased by 16%, the first increase in almost 3 years.

  3. Basic customs fees on items manufactured from gold bars have increased.

  4. Kitchen electric chimney customs tax increased from 7.5% to 15%.

  5. Compound rubber's basic import levy increased from 10% to 25%.

  6. Fully imported luxury cars and electric vehicles will cost more, as the government has hiked customs duty from 60% to 70%.

  7. Imported bicycles and toys will also become more expensive.