New Delhi: Finance Minister Nirmala Sitharaman announced the Budget for the financial year 2023-24. The change in tax rates and customs duty is set to impact the prices of goods and services. From goods dearer to you, like mobile phones and jewellery, to goods daily use have been impacted by the change in the taxes while the announcement regarding the income tax rebate and new slabs will impact the demands of these goods as well.
The government reduced the Basic Customs Duty on parts of open cells of TV panels to 2.5% while the customs duty on the import of certain parts like camera lenses has also been reduced. Finance Minister announced the reduction of customs duty on certain parts of mobile phones. This will aid the electronics manufacturing sector and will reduce the prices of TV and mobiles. The concessional duty on lithium-ion cells for batteries will continue for another year.
Jewellery and metals:
The prices for gold, platinum and imported silver to go up, which indicates that the gold, platinum and silver jewellery will get costlier.
The customs duty on cigarettes has increased, which means that smoking will now cost more.
The central government and many state governments are moving towards electronic vehicles. Keeping an eye on the vision, Finance Minister announced the reduction in basic customs duty rates on goods other than agriculture and textiles, and the prices of automobiles, e-vehicles and cycles are set to go down.
Mobile phones Gold
Lithium-ion batteries Imported silver
E-vehicles Kitchen Chimney