Budget 2023: Find out which items to become expensive, cheaper from April 1
Some commodities are expected to go up in price on April 1, while others are expected to drop
HYDERABAD: The decisions announced by Union Finance Minister Nirmala Sitharaman at the Union Budget 2023-24 to take effect on April 1, 2023, the beginning of the new fiscal year.
The prices of a number of retail products would vary as a result of changes made to taxes, customs fees, and tax slabs during the implementation of this year's Union Budget. Some commodities are expected to go up in price on April 1, while others are expected to drop.
Check out which items to become expensive and cheaper as per Budget 2023
- Cigarettes, silver, artificial jewelry, items produced from gold bars, platinum, electric kitchen chimneys, imported toys and bicycles, and foreign electronic vehicles to become more expensive from April 1, 2023.
- Given the 16 percent rise in the customs charge on a certain category of cigarettes, cigarettes could be more expensive.
- Import taxes on silver bars and items, duty taxes on gems and jewellery made of gold and platinum, and price increases for brass and other imitations all contributed to an increase in the cost of imitation jewellery.
- Kitchen chimney import duty was hiked from 7.5 percent to 15 percent, making them more expensive.
- Customs duty on the import of electric vehicles, automobiles, and motorbikes has been hiked.
- Prices for televisions would drop slightly beginning April 1 since the major customs tax on parts of open cell television panels has been reduced from 5 percent to 2.5 percent.
- Customs charges on the import of capital goods and machinery for producing lithium-ion batteries would be waived beginning April 1, affecting the prices of Indian-made electronic cars.
- The reduction of basic customs charges on some elements of camera lenses and mobile phones would result in lower prices for mobile phones beginning April 1, 2023.
- Customs duties on lab-grown diamond seeds have been cut from 5 percent to 0 percent.
- Mobile phones, televisions made in India, lithium-ion batteries, electronics vehicles made in India, camera lenses, toys and bicycles made in India, would be cheaper than the last year.
- The primary customs duty on parts of open cell television panels has been reduced from 5 percent to 2.5 percent, effective April 1, 2023.
- Customs charges on the import of capital goods and machinery for the manufacture of lithium-ion batteries would be waived beginning April 1, affecting the prices of Indian-made electronic cars.