Presenting the Union Budget 2023-24 Wednesday, Union Finance Minister Nirmala Sitharaman announced a hike in basic customs duty on articles made from gold bars while increasing the tax on cigarettes by 16 per cent. The government would also reduce customs duty on shrimp feed to promote exports, she said.
The Finance Minister announced a cut in customs duty on the import of certain inputs for mobile phone manufacturing. Further, customs duty on parts of open cells of TV panels would be cut to 2.5 per cent, while customs duty on kitchen electric chimney has been increased to 15 per cent from 7.5 per cent.
Take a look at a full list of what will get costlier and cheaper with the new Budget 2023-24:
What Gets Cheaper
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🔴Customs duty on parts of open cells of TV panels cut to 2.5 per cent🔴 Govt proposes to reduce customs duty on the import of certain inputs for mobile phone manufacturing🔴 Govt to reduce basic customs duty on seeds used in manufacturing of lab-grown diamonds🔴 Govt to reduce customs duty on shrimp feed to promote exports
What Gets Costlier
🔴 Taxes on cigarettes hiked by 16 per cent🔴 Basic import duty on compounded rubber increased to 25 per cent from 10 per cent🔴 Basic customs duty hiked on articles made from gold bars🔴 Customs duty on kitchen electric chimney increased to 15 per cent from 7.5 per cent
Union Budget 2023: All you need to know
Also ReadUnion Budget 2023: Rs 990 crore allocated for G20 presidencyUnion Budget 2023 income tax slabs: New tax regime is default, rebate inc…FM radio industry has flourished, 388 private stations in 2022 June quart…Union Budget 2022-23: Farmers cold to natural farming proposal; say not v…↗️ Finance Minister Nirmala Sitharaman’s Union Budget 2023 has some big takeaways↗️ First, what everyone has been looking forward to: changes in the new income tax regime. She has made the new tax regime more attractive. There are changes in the rebate limit and in tax slabs. What does this mean for the taxpayer?↗️ FM Sitharaman proposed a 33% increase in capital investment outlay, raising it to Rs 10 lakh crore. This is the biggest in the past decade. What does it mean?↗️ Some articles get cheaper and others get costlier due to changes in customs duty. Here is a list↗️ The capital outlay for the railways has been increased to the highest ever – Rs 2.40 lakh crore. The government is trying to create more jobs↗️ FM Sitharaman said the fiscal deficit will fall to 5.9% of the GDP. What does it mean for the stakeholders?↗️ The FM called it the ‘first Budget of Amrit Kaal’. PM Narendra Modi said it will build a strong foundation for a developed India. What did opposition leaders say?