Friday, May 20, 2022
Friday, May 20, 2022

HomeDaily ReadsBUDGET 2022 : What’s Cheaper & What’s Costlier?

BUDGET 2022 : What’s Cheaper & What’s Costlier?

Finance Minister Nirmala Sitharaman has announced the Union Budget for the financial year 2022-2023 and it’s a lot to unpack. A slew of measures have been announced , benefitting startups to fintechs to the aam admi. So what’s at the crux of it? Newschecker brings you a list of what’s become costlier and what’s become cheaper:

What’s become cheaper:

1) Gems and jewellery

  • Customs duty on cut and polished diamonds and gemstones slashed by 5%
  • No customs duty on simply sawn diamond
  • Push for export of jewellery through e-commerce: Government to simplify regulatory framework for export for jewellery by June

2) Mobile phones & chargers

  • Customs exemption on transformers used in chargers
  • Camera lens

3) Textiles and Leather goods

  • Exemptions on embellishments, trimming, fastners, buttons, zipper, lining materials, specified leather, furniture fittings, packaging boxes, textiles, leather garments

4) Chemicals like acetic acid and methanol

  • Customs duties on petroleum refining products like acetic acid and methanol to be reduced.

5) Steel scrap

  • Concessional customs duty on steel scrap

6) Farming machines

What’s become costlier:

1) Umbrellas

  • Customs duty on umbrellas raised

2) Imitation jewellery

  • To disincentivise import of undervalued imitation jewellery, customs duty on imitation jewellery prescribed in a manner that a duty of at least Rs 400/KG is paid on its import

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Pankaj Menon
Pankaj Menon
Pankaj Menon is a fact-checker based out of Delhi who enjoys ‘digital sleuthing’ and calling out misinformation. He has completed his MA in International Relations from Madras University and has worked with organisations like NDTV, Times Now and Deccan Chronicle online in the past.
Pankaj Menon
Pankaj Menon
Pankaj Menon is a fact-checker based out of Delhi who enjoys ‘digital sleuthing’ and calling out misinformation. He has completed his MA in International Relations from Madras University and has worked with organisations like NDTV, Times Now and Deccan Chronicle online in the past.

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