Finance Minister Nirmala Sitharaman is presenting her budget (Budget 2023-24) for the financial year 2023-24. This is Sitharaman’s fifth consecutive budget as Finance Minister. Along with this, this is the last full budget of the current Modi government before the upcoming 2024 general elections. Many announcements were made for different sectors in the budget. But what is going to increase the burden on the pocket of the common man and what will give him relief, let us know what has become expensive and what has become cheap…
change in custom duty
Finance Minister Nirmala Sitharaman said during her budget speech that custom duty, cess, surcharge rate has been changed. Toys imported from abroad will be expensive, while indigenous toys will be cheap. Relief has been given in custom duty on lithium ion batteries. At the same time, customs duty has been exempted to promote diamonds manufactured in laboratories. Provision has been made for exemption in import duty on mobile parts and mobile camera lenses.
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Mobile phone-EV will be cheaper
Custom duty has been removed from batteries used in electronic vehicles and customs duty has been removed on lithium batteries used in mobile phones and these batteries will also become cheaper. This will also affect the prices of mobiles and EVs. Some mobile phones and electric vehicles will be cheaper due to falling battery prices.
LED and indigenous chimney prices will decrease
The import duty on television panels has been reduced to 2.5 per cent by the government. Apart from this, LED television has been made cheaper and a decision has been taken to cut the prices of things related to biogas. Import duty has been cut on electric chimney. After this decision, their prices will come down.
these goods became cheap
mobile phone
mobile camera lens
automobile
electric vehicle
lithium battery
led television
things related to biogas
lab-grown diamond jewelry
Cigarette-imported jewelery expensive
At the same time some things have been made expensive. These include cigarettes and imported jewellery. It has been decided to increase the calamity duty on cigarettes. According to the Finance Minister, the incidental duty on cigarettes was increased by 16 per cent. After this, cigarettes have become expensive. Apart from this, imported jewelery made of gold, silver and platinum has become expensive.
list of expensive items
gold, platinum
exotic silver
diamonds
Cigarette
Brass
alien toys
Clothes
heating coils
X-ray machine
Even before the presentation of the budget, it was expected that this last full budget of the central government before the upcoming Lok Sabha elections in 2024 would be popular. On the one hand where there were signs of change in the tax slabs, on the other hand people of every sector from farmers to street vendors and laborers were expected to get relief in the budget.