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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