Budget 2023: What gets cheaper, what gets costlier?
New Delhi : Finance Minister Nirmala Sitharaman Ji presented budget 2023 on Wednesday declaring what gets costlier and what gets cheaper in the coming days. The union budget for this year has been hailed as a pro common man budget as it increases the income tax exemption limit and also decreases the taxation on goods used by common man.
Before talking about the things which have got cheaper and costlier, the common man will now have to pay no tax for an income up to ₹7,00,000 per annum the tax slabs have also been revised to further facilitate the common man.
Here is a look at things which will now get cheaper:
# Mobile phones are likely to get cheaper as the taxation on input cost of many components used for the manufacturing of the devices has been decreased.
# The custom duty on parts of open cells of TV panels has been cut to 2.5% which means that the TV are also going to get cheaper in coming days.
# Custom duty on shrimp feed has been reduced to promote exports from the nation.
# The taxation on lithium ion battery has been reduced from 18% to 13% which will further reduce the manufacturing cost of an electric car.
A look at things which are going to get costlier
# Taxes on cigarettes has been hiked by 16%, this is a hike after nearly 3 years.
# The basic custom duty has been hiked on articles made out of gold bars.
# The custom duty on kitchen electric chimney has been raised from 7.5% to 15%
# The import duty on compounded rubber has been increased from 10% to 25%
# The government has also increased custom duty on fully imported imported luxury cars and EVs