Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for the fiscal year beginning 1 April.As proposed by the finance minister in the Union Budget for 2023-24, a large number of commonly used items like kitchen electric chimneys will become more expensive.
Here’s is a list of items that will become cheaper and costlier in FY24:
Basic customs duty hiked on articles made from gold bars.
Customs duty on kitchen electric chimney increased to 15% from 7.5%
Govt to reduce basic customs duty on seeds used in manufacturing of lab-grown diamonds.
Govt to reduce customs duty on shrimp feed to promote exports.
Govt to continue with concessional basic customs duty of 2.5 pc on copper scrap.
Govt proposes to cap deductions from capital gains on investments in residential houses to ₹10 crore.
A cut in customs duty on the import of certain inputs for mobile phone manufacturing.
Customs duty on parts of open cells of TV panels would be cut to 2.5 per cent.
Relief on customs duty on import of certain parts & inputs like camera lens & continue the concessional duty on lithium-ion cells for batteries for another year
Custom duty on cigarettes increased, said FM Nirmala Sitharaman. I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses and surcharges on some.