New Delhi: Nirmala Sitharaman, Union Finance Minister, today presented Union Budget for the year 2023-24. During the budget session, she announced a hike in basic customs duty on articles that are made from gold and increase in tax on cigarettes by 16 percent, among other things.
The Finance Minister also announced that customs duty on shrimp feed, import of certain input for mobile manufacturing would be reduced.
Things that will get cheaper:
- Parts for mobile phones
- Raw materials for EV industry
- Parts for TV panels
- Machinery for lithium ion batteries
Here are things that will get costlier:
- Articles made from gold bars
- Imitation Jewellery
- Imported bicycles and toys
- Electronic vehicle imports
- Electric kitchen chimney