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Finance Minister Nirmala Sitharaman told through announcements in this budget which things will be cheap and what will be expensive. In fact, he talked about increasing and decreasing all the duties including custom duty, import duty on all things. Let us know what will be cheap and expensive due to these announcements.
What will be cheaper?
Leather, textiles, agricultural goods, packaging boxes, mobile phone chargers and gems and jewelery will be cheaper. Custom duty on gems and jewelery has been reduced to 5 per cent. Custom duty on cut and polished diamonds has also been reduced to 5 per cent. Custom duty exemption on steel scrap has been extended for one year to provide support to MSMEs. Custom duty on mentha oil reduced. Custom duty has been exempted on mobile phone chargers, transformers etc. to encourage domestic manufacturing.
What happened expensive?
The import duty on capital goods has been levied at 7.5 per cent, eliminating the exemption from import duty. Foreign umbrella will also be expensive. Apart from this, excise duty will be levied at the rate of Rs 2 per liter on non-blending fuel from October this year. Custom duty on imitation jewelery has been increased so that its imports can be reduced. To discourage import of low cost imitation jewellery, customs duty is being fixed in such a way that at least Rs 400 per kg duty is to be paid on its import.
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