Finance Minister Nirmala Sitharaman delivered the Budget 2023 on Wednesday, along with revisions to several customs and taxes that will make some things more affordable and others more expensive. Today is Sitharaman’s fifth full budget since becoming finance minister in July 2019.
Here’s a list of items that have gotten cheaper and those that have gotten more expensive.
Here’s what will get costlier:
* Gold
* Silver
* Diamonds
* Platinum
* Custom duty on cigarettes increased
* Compounded Rubber
* Electric kitchen chimney
* Copper scrap
Here’s what will be cheaper:
* Mobiles
* Camera lenses
* TV
* Bledned CNG
* Govt to reduce basic customs duty on seeds used in the manufacturing lab-grown diamonds.
* Goods/machinery for the manufacture of lithium-ion cell
* Heat coil for the manufacture of electric kitchen chimneys
* Denatured ethyl alcohol
* Seeds used in the manufacture of diamonds
* Acid grade fluorspar
* Govt to reduce customs duty on shrimp feed to promote exports
* Toys and parts of toys
* Bicycles
Like the previous two years, Sitharaman will present a paperless budget this year, which will be accessible via a mobile application on both Android and iOS smartphones. This year’s Budget is significant because the country’s next Lok Sabha election is scheduled for April-May 2024.
