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Union Budget 2022: What's Cheaper, What's Costlier?

While clothes, gemstones, and mobiles phones are set to get cheaper, all imported items will become more expensive.

Updated
India
1 min read
Union Budget 2022: What's Cheaper, What's Costlier?
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Here is a list of products that are set to get cheaper and those that are going to get more expensive as a result of the announcements made by Finance Minister Nirmala Sitharaman at the Union Budget 2022.

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Items That Will Become Cheaper

This is the TL;DR version:

  • Clothes

  • Gemstones and diamonds

  • Imitation jewellery

  • Mobile phones and mobile phone parts

  • Domestic electronic wearable devices

  • Hearable devices

  • Electronic smart meters

  • Steel scrap

And here are the details:

Cut and polished diamonds: Customs duty on cut and polished diamonds and gemstones is being reduced to 5 percent. A simply sawn diamond will attract nil customs duty.

Mobile phone parts: Duty concessions will be given to the transformer of mobile phone chargers, the camera lens of the mobile camera module, and certain other items.

Wearables and hearables: Customs duty rates are being calibrated to provide a graded rate structure to facilitate domestic manufacturing of wearable devices, hearable devices, and 28 electronic smart meters.

Steel scrap: The customs duty exemption given to steel scrap last year is being extended for another year to provide relief to MSME secondary steel producers.

Items That Will Become Costlier

  • All imported items

  • Umbrellas - Duty on umbrellas is being raised to 20 percent. The exemption to parts of umbrellas is being withdrawn.

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