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Union Budget 2022: Here’s what is cheaper and what has become costlier
As Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23, here’s a list of things that became cheaper and costlier.
It has been an important day for people in India as Finance Minister Nirmala Sitharaman presented the Union Budget 2022-23 in the Parliament. To note, this is the tenth budget of Narendra Modi’s government. Presenting the budget, Nirmala Sitharaman said, “We strive to provide a necessary ecosystem for the middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100”. As per the new budget, the income tax slabs remain unchanged, while the big announcements included the announcement about the digital rupee using blockchain technology and 30 percent tax transfer of digital assets.
Several changes in the customs duty have been made which will affect the prices of essential commodities. In fact, import duty on certain chemicals, custom duty on cut and polished diamonds have been reduced. On the other hand, duty on umbrellas has been increased. Here’s a look at what got costlier and what got cheaper in this Union Budget 2022-23.
What’s costlier:
Duty on umbrellas is being raised to 20 percent
Other things that have become costly include headphones, earphones, solar cells, solar modules, x-ray machines, parts of electronic toys, etc.
What’s cheaper:
Customs duty on cut and polished diamonds and gemstones are being reduced to 5 percent.
Clothes, mobile phone chargers, cocoa beans, camera lens for cellular mobile phones, mobile phones, steel scraps, etc.
Custom duties on certain chemicals including methanol and petroleum products have been reduced.
To note, the new guidelines presented in the Union Budget 2022-23 will come in effect from the fiscal year beginning on April 1, 2022.
