Finance Minister Nirmala Sitharaman has announced the Union Budget for the financial year 2022-2023 and it’s a lot to unpack. A slew of measures have been announced , benefitting startups to fintechs to the aam admi. So what’s at the crux of it? Newschecker brings you a list of what’s become costlier and what’s become cheaper:
What’s become cheaper:
1) Gems and jewellery
- Customs duty on cut and polished diamonds and gemstones slashed by 5%
- No customs duty on simply sawn diamond
- Push for export of jewellery through e-commerce: Government to simplify regulatory framework for export for jewellery by June
2) Mobile phones & chargers
- Customs exemption on transformers used in chargers
- Camera lens
3) Textiles and Leather goods
- Exemptions on embellishments, trimming, fastners, buttons, zipper, lining materials, specified leather, furniture fittings, packaging boxes, textiles, leather garments
4) Chemicals like acetic acid and methanol
- Customs duties on petroleum refining products like acetic acid and methanol to be reduced.
5) Steel scrap
- Concessional customs duty on steel scrap
6) Farming machines
What’s become costlier:
1) Umbrellas
- Customs duty on umbrellas raised
2) Imitation jewellery
- To disincentivise import of undervalued imitation jewellery, customs duty on imitation jewellery prescribed in a manner that a duty of at least Rs 400/KG is paid on its import
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