The Center intends to raise import duties in order to support domestic industry, which will result in higher prices for some items beginning on April 1, 2023. Starting in the following month, high-end electronics, private aircraft, jewelry, high-gloss paper, vitamins, and plastic goods may all see price increases.
During the presentation of the Union Budget 2023, the finance minister, Nirmala Sitharaman, made the announcement that, while things like smartphones and camera lenses will become less expensive starting on April 1, things like electric kitchen chimneys and gold and platinum objects will cost more.
At the Budget presentation, the Center decided to lower the customs taxes on clothing, frozen mussels, frozen squid, asafoetida, and cocoa beans. The Center also reduced import taxes on acetic acid, diamonds that have been cut and polished, petroleum-derived chemicals, and cell phone camera lenses.
In addition, in the most recent budget, the Center increased import duties on a number of products. This was in line with the government’s intention to develop a long-term growth strategy while emphasizing fiscal responsibility.
FM Sitharaman asserts that the customs duty on electric chimneys for kitchens has increased to 15% from 7.5%. As indicated by her, the Middle additionally cut the fundamental traditions charge on the seeds used to make lab-developed precious stones.
Things that will cost more include:
Electronic Stacks in Family
Gems
Imported merchandise
Cigarette
Gold
Platinum
Silver utensils
List of things to become less expensive are:
Bicycles, toys, televisions, electric cars, and LED television camera lenses
