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Cheaper And Expensive: The financial year 2022-23 will end on 31st March 2023 and the new financial year 2023-24 will start from 1st April 2023. In such a case, the announcements made in the budget 2023-24 will come into force from 1st April 2023. From April 1, 2023, the prices of many items will increase.
Items that may become expensive from April 1 include private jets, helicopters, high-end electronic items, plastic items, jewellery, high-gloss paper and vitamins.
According to the announcement made by Finance Minister Nirmala Sitharaman during Union Budget 2023, things like camera lenses and mobile phones will become cheaper from April 1, while kitchen chimneys and gold and platinum items will become expensive.
What would be cheaper?
Items that will be cheaper include camera lenses, lab-grown diamonds, cellular mobile phones, machinery for lithium-ion batteries and raw materials for the EV industry.
Effect of customs duty reduction
While presenting the budget, the Center has decided to reduce customs duty on clothes, frozen mussels, frozen squid, asafoetida, cocoa beans. Apart from this, the Center has also reduced customs duty on methyl alcohol, acetic acid, cut and polished diamonds, chemicals required for petroleum products, camera lenses for cellular mobile phones.
With the increase in import duty, many things will become expensive
The Center had also increased the import duty on several items in the previous budget and the decision to increase the import duty came in line with the government’s aim to formulate a long-term growth strategy with a focus on fiscal prudence.
According to Finance Minister Sitharaman, the customs duty on kitchen electric chimney has been increased from 7.5 percent to 15 percent. He said the Center has also reduced the basic customs duty on seeds used in the manufacture of lab-grown diamonds.
The Finance Minister said the Center will reduce customs duty on shrimp feed to boost exports and the Center will continue the concessional basic customs duty of 2.5 per cent on copper scrap.
These items will become more expensive from April 1
Domestic electronic chimney
the gold
silverware
platinum
cigarettes
jewelry
Imported goods
Apart from this, the Center has also decided to make certain items cheaper which will be effective from April 1, 2023. Some such items include toys, bicycles, televisions and mobile phones.
The prices of these items will decrease
the toys
bicycle
TV
mobile
Electric vehicles
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