Union Budget 2022: This year’s Union Budget has been presented. Most people are interested in what is cheaper and what is more expensive than the budget. Because GST has been implemented in the country, hence the budget does not have much effect on the costlier and cheaper things. But some announcements by the Finance Minister have definitely had some impact on the prices of the things you need. Let us understand which things will become expensive now and which are cheap.
Union Budget 2022: What becomes cheaper
- Domestic electronic wearable devices, hearable devices and electronic smart meters.
- Petroleum products
- Custom duty on some chemicals including methanol has come down.
- Mobile phones will become cheaper.
Union Budget 2022: what’s costlier
- All imported items
- Artificial jewelery
Finance minister Nirmala Sitharaman on Tuesday announced a host of changes in customs duty that will effectively raise or bring down the prices of some essential commodities. Import duty on certain chemicals has been reduced. Customs duty on cut and polished diamonds, gems to be reduced to 5%. Duty on umbrellas has been raised to 20%. The finance minister announced an extension of the exemption on implements and tools for the agriculture sector manufactured in India. Customs duty exemption to steel scrap will also be extended.
There aren’t many things that have an impact. Actually, now the GST decides the price of 90% of the things, but the effect of import duty remains on the goods imported from abroad and it is announced in the budget. Therefore, budget announcements have an effect on the prices of things like petrol, diesel, LPG, CNG and imported products like liquor, leather, gold and silver, electronic products, mobiles, chemicals, vehicles. The government increases or decreases the import duty on these only. Excise is also imposed on some.
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