The Budget 2023 was delivered on Wednesday by Finance Minister Nirmala Sitharaman, who also announced revisions to several customs and taxes that will make some things more affordable and others more expensive. Today marks Sitharaman’s fifth complete budget since she became finance minister in July 2019.
Here’s what will get costlier:
* Custom duty on cigarettes increased
* Compounded Rubber
* Electric kitchen chimney
* Copper scrap
Here’s what will be cheaper:
* Camera lenses
* Bledned CNG
* Govt to reduce basic customs duty on seeds used in manufacturing of lab-grown diamonds.
* Goods/machinery for manufacture of lithium-ion cell
* Heat coil for manufacture of electric kitchen chimneys
* Denatured ethyl alcohol
* Seeds used in the manufacture of diamonds
* Acid grade fluorspar
* Govt to reduce customs duty on shrimp feed to promote exports
* Toys and part of toys
Like the previous two years, this year as well, a paperless budget will be presented by Sitharaman, which will be available to people via a mobile application on both android and iOS smartphones. This year’s Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024.