On Tuesday, February 1, Finance Minister Nirmala Sitharaman has presented the General Budget in Parliament. In the budget, some things will become expensive in the country and the prices of some things will be reduced.
What to go Cheaper?
- Leather, textiles, agricultural goods, packaging boxes, mobile phone chargers and gems and jewellery will go cheaper.
- Customs duty on gems and jewellery has been reduced to 5 per cent.
- Customs duty on cut and polished diamonds has also been reduced to 5 per cent.
- To provide assistance to MSMEs, customs duty exemption on steel scrap has been extended for one year.
- Customs duty exemption has been given on mobile phone chargers, transformers etc. to promote domestic manufacturing.
- Customs duty reduces on critical chemicals like methanol, acetic acid and heavy feedstocks for petroleum refining.
Things to get Expensive
- Import duty on capital goods has been levied at 7.5 per cent, thereby eliminating the exemption from import duty.
- Duty on Foreign umbrellas increased to 20%.
- Excise duty will be levied at the rate of Rs 2 per litre on non-blending fuel from October this year.