Budget 2023: The list of items got cheaper and costlier

Budget Cheaper Costlier List: The thing that people are always most focused on in the Union Budget is the change in tax slabs. In the Union Budget of 2023-24, Finance Minister Nirmala Sitharaman made five major announcements regarding personal income tax.

Giving relief to those opting for the new tax regime, the Finance Minister has announced that those whose total income is up to Rs 7 lakh will not have to pay any tax.

But those whose total annual income is more than seven lakh rupees will have to pay tax according to the tax slab.

Earlier, those earning up to 5 lakhs were not required to pay income tax, now this limit has been increased to 7 lakhs. This decision has brought great relief to middle-class people.

Also number of tax slabs now reduced to six

6 Tax Slabs

• No tax on those earning 0-3 lakhs
• 3 lakh to 6 lakh – 5 percent
• 6 to 9 lakh 10 percent
• 9-12 lakh 15 percent
• 12 to 15 lakh 20 percent
• Above 15 lakhs 30%

The government has tried to make the new tax regime more attractive so that the old tax regime can be phased out.

What is the difference between a new and an old tax regime?

There are two types of tax regimes in the country. One is the old tax regime and the other is the new tax regime. But most people still rely more on the old tax method because, in the new tax system, salaried people do not get the deductions available under HRA, LTA Standard Deduction, Section 80C, and Section 80D. But the government wants everyone to follow the new tax regime, that's why it will be now the default tax system.

Budget 2023-24 Cheaper Costlier

Nowadays prices are more dependent on GST changes, so the budget hardly impacts the prices of many commodities. These are the few things whose price will be changed after the budget announcement.

Cheaper

• Cars
• Toys
• Television sets
• Mobile Phones
• Bicycles
• Electric vehicles

Costlier

• Cigarettes
• Gold Items
• Platinum Items
• Silver Items
• Electric chimneys

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