Certain items will cost more starting on April 1, 2023, as the Center plans to raise import duties to support domestic industry. Private aircraft, helicopters, high-end electronics, plastic goods, jewellery, high-gloss paper, and vitamins are among the things that could see price increases starting the following month.
Nirmala Sitharaman, the finance minister, announced during the presentation of the Union Budget 2023 that while items like camera lenses and smartphones will become less expensive starting April 1, items like electric kitchen chimneys and gold and platinum objects will increase in price.
The Center made the decision to lower the customs taxes on clothing, frozen mussels, frozen squid, asafoetida, and cocoa beans at the Budget presentation. In addition, the Centre lowered import taxes on acetic acid, cut and polished diamonds, chemicals used to make petroleum products, and camera lenses for cell phones.
(Also Read: New income tax regime, other list of Income tax rule changes from April 1, 2023)
In addition, the Center raised import duties on a number of products in the most recent budget, a move that was consistent with the government's intention to craft a long-term growth strategy while emphasising budgetary responsibility.
FM Sitharaman claims that the customs duty on the kitchen electric chimneys has raised from 7.5% to 15%. According to her, the Center also cut the basic customs charge on the seeds used to make lab-grown diamonds.
List of things to become expensive are:
- Electronic Chimneys in Household
- Jewellery
- Imported goods
- Cigarette
- Gold
- Platinum
- Silver utensils
List of things to become cheaper are:
- Toys
- Bicycles
- TV
- Mobiles
- Electric Vehicles
- LED TV
- Camera lenses
